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 $1.5 million in the fourth quarter 2005. This compares with a net loss of $6.5 million for the first quarter 2005.
Edgen Corporation is a global distributor of specialty steel pipe, pipe components, and high grade structural steel products including sections, plates and tubulars for use in niche applications, primarily in the oil and gas, processing and power generation industries. These products are principally used in maintenance and repair projects as well as expansions of infrastructure and development projects. Edgen operates in 17 locations, including 15 in the U.S. and two in Canada.
For more details on Edgen’s first quarter results, click here.