Oct. 1, 2013, 12:47 PM
Oct. 1, 2013, 9:11 AM
Oct. 1, 2013, 8:17 AM
- Edgen Group (EDG) +56.4% premarket after Sumitomo (SSUMY.PK) agrees to buy the distributor of specialty products to the energy and infrastructure markets for $12/share, a 58% premium over Monday's close.
- EDG has two commercial brands, Edgen Murray and Bourland & Leverich, and had total sales of $2.06B in 2012 with 660 employees and operations in more than 35 locations in 18 countries.
- EDG launched an IPO in April 2012, pricing at $11, below its expected $14-$16 range, and has traded below $9 for most of the time since.
Jul. 3, 2013, 11:15 AM
May 13, 2013, 12:34 PM
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.| May 13, 2013, 12:34 PM | 1 Comment