Search Copying and distributing are prohibited without permission of the publisher
Email a friend
  • To include more than one recipient, please separate each email address with a semi-colon ';', to a maximum of 5

  • By submitting this article to a friend we reserve the right to contact them regarding AMM subscriptions. Please ensure you have their consent before giving us their details.

Edgen logs net loss, withdraws guidance

Keywords: Tags  Edgen Group, earnings report, guidance, oil country tubular goods, OCTG, energy, infrastructure, Thorsten Schier

NEW YORK — Edgen Group Inc. has withdrawn its previously issued guidance for 2013 as it posted a first-quarter net loss of nearly $5.39 million on sales that fell 19.7 percent to $406.1 million.

"The near-term prospects of our energy and infrastructure (E&I) business are being affected by the steel pricing environment and delays in contract awards and customer purchasing decisions," chairman and chief executive officer Dan O’Leary said in a statement. "We expect to get a clearer picture soon regarding the timing of these anticipated customer expenditures."

Sales from Edgen’s E&I unit fell 28 percent to $201.2 million in the three months ended March 31, while those from its oil country tubular goods (OCTG) segment dropped 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," O’Leary said, and the Baton Rouge, La.-based company remains "optimistic about the long-term growth of our end markets and the power of our business model."

Earlier this year, the company had said it expected 2013 sales in a range of $1.2 billion to $1.5 billion by its E&I segment and OCTG sales of between $800 million and $900 million.

Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

Latest Pricing Trends