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Edgen Group (EDG -3.2%) sets new 52-week lows today on a big Q1 earnings miss. Net sales...

Edgen Group (EDG -3.2%) sets new 52-week lows today on a big Q1 earnings miss. Net sales declined 24% Y/Y, as the steel-products manufacturer's energy-and-infrastructure business was hit hard by steel-pricing and delays in contract awards and customer-purchasing decisions. Sales in its oil-tubular goods segment also decreased 10% over the same period due largely to lower rig counts. In light of the weak environment, the company is suspending its 2013 guidance - which doesn't bode well for a company just went public a year ago.
Comments (1)
  • clown loach
    , contributor
    Comments (29) | Send Message
     
    OCTG sales and margins should improve with major competitor exiting product (MRC).
    15 May 2013, 04:52 PM Reply Like
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