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Edgen Group Sales Down 19.7% in First Quarter

Edgen Group Inc. (NYSE: EDG), Baton Rouge, LA, reported sales for the first quarter of $406.1 million, down 19.7 percent from the same period in 2012. Edgen reported a net loss of $5.4 million, compared to a year-ago profit of $4.1 million.

Sales from Edgen’s Energy & Infrastructure segment decreased 28 percent to $201.2 million. Oil Country Tubular Goods sales decreased 10 percent to $205.2 million.

“Our OCTG business performance was excellent during the quarter considering the decline in rig count and weakness in selling prices,” Dan O’Leary, chairman and CEO, said. “The near term prospects of our E&I business are being affected by the steel pricing environment and delays in contract awards and customer purchasing decisions. We expect to get a clearer picture soon regarding the timing of these anticipated customer expenditures."

 

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