Edgen Corporation reports third quarter 2005 earnings

Edgen Corporation reports third quarter 2005 earnings

Edgen Corporation, a leading global distributor of specialty steel pipe, fittings and flanges for use primarily in the energy industry, announced today its third quarter 2005 net sale increased over $21 million due to continued robust worldwide demand for its products. Third quarter 2005 net sales were $75.7 million as compared to sales of $53.1 million for the same period in 2004. Year-to-date 2005 net sales were not provided in the company’s earnings report. Third quarter 2005 net income totaled $1.64 million compared to net income of $3.8 million for the third quarter 2004. Year-to-date net income was not provided in the company’s earnings report. President and CEO, Dan J. O'Leary said, "In the Third Quarter 2005, we saw a second consecutive quarter of record sales as a result of continued worldwide demand for our products and from strong pricing fundamentals for both our alloy and carbon products. We also saw gross profit margins on our carbon products contract slightly as a result of increased inventory costs and changes in our carbon product sales mix. These changes in our business reflect our focused business development efforts as we continue to target new customers and penetrate both new and existing markets." Louisiana-based Edgen Corporation is a global distributor of specialty steel pipe, fittings and flanges for use in niche applications, primarily in the oil and gas, processing and power generation industries.