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

|About: Edgen Group (EDG)|By:, SA News Editor

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.