CHICAGO Edgen Group
Inc.s profits surged in the third quarter as its energy
and infrastructure group, as well as its oil country tubular
goods (OCTG) segment, reported stronger results.
The Baton Rouge,
La.-based distributor of steel pipe, valves, plate and other
products for the energy and industrial markets reported net
income of $10.4 million in the third quarter of 2012, a more
than fourfold gain compared with earnings of $2.4 million in
the third quarter of 2011, on sales that jumped 16.9 percent
year over year to $534.6 million.
For the first nine months of the
year, Edgen swung to a profit of $661,000, compared with a loss
of nearly $4 million in the same period last year, as sales
increased 28.2 percent to more than $1.5 billion in the same
Edgens energy and
infrastructure segment, which operates as Edgen Murray Corp.,
saw higher sales volumes in the U.S. midstream energy market
and increased offshore sales in the Asia/Pacific region, Edgen
company chairman and chief executive officer Dan OLeary
said in a statement released with earnings last week.
The companys OCTG segment,
which operates as Bourland & Leverich Supply Co., gained
market share and improved its sales products mix thanks largely
to demand from drilling rigs operating in liquid-rich shale
formations in the United States, OLeary said. These rigs
tend to require specialized alloy products, he noted.