Steel Pipe/Fittings Distributor Edgen Posts 38% 1Q Gain
Global steel pipe and fittings distributor Edgen Corporation, Baton Rouge, LA, reported sales were $89.7 million for the three months ended March 31, 2006, compared with sales of $64.8 million for the same period in 2005.
"During the first quarter 2006, we experienced record sales as a result of the acquisition of Murray International Metals, Inc., the U.S. subsidiary of Murray International Metals, Ltd., and from increased sales activity in our Canadian operations. Domestically, sales were steady as demand for oil, natural gas and refined products continued to drive capital expenditures and maintenance projects for the products we supply," said CEO and President Dan J. O'Leary.
Net income for the first quarter 2006 was $2.3 million compared with a net loss of ...