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In The News:

Edgen Group Sales Down 13.1% in Second Quarter

Edgen Group Inc. (NYSE: EDG), Baton Rouge, LA, reported sales for the second quarter of $431.6 million, a decrease of 13.1 percent compared to the same period a year ago. Net loss was $300,000, compared to a year-ago loss of $13.8 million.

Energy and infrastructure sales were $218.5 million, a decrease of 14.4 percent from the prior-year period. Oil country and tubular goods sales were 11.6 percent below the prior year at $213.1 million.

“Elevated quotation activity and recent project bookings at the close of the second quarter reinforce our optimism about future opportunities for Edgen Group, particularly into 2014. Pricing pressure and project delays still had an impact in the second quarter, however we remained focused on improving the mix of products that we sold, providing exceptional service to our customers with active drilling programs, and adding new customers,” said Dan O’Leary, CEO.

For the first six months, sales for Edgen Group were $837.7 million, a decrease of 16.4 percent compared to the same period a year ago. Net loss for the first half was $5.7 million, compared to a year-ago loss of $9.7 million.

Edgen Group ranked No. 11 on MDM’s 2013 list of top industrial distributors.

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