Edgen releases fiscal 04, first quarter 05 results

Edgen releases fiscal 04, first quarter 05 results

Louisiana-based Edgen Corporation, a global distributor of specialty steel pipe, fittings and flanges, on Thursday (May 12) announced its fiscal 2004 and select first quarter 2005 financial results. For the year ended December 31, 2004 (fiscal 2004), Edgen's sales increased 41.4% year on year to $207.8 million. This increase in sales was primarily the result of commodity price increases, increased sales volume, growth driven by international sales, and changes in customer and product mix. Edgen's strong sales were also helped by the company's ability to pass along to its customers the rising costs of raw materials such as iron ore, nickel, chrome and copper. Gross profit for fiscal 2004 was $52.5 million, slightly more than double 2003's $25.6 million. For the three months ended March 31, 2005 (first quarter 2005), Edgen's sales were $64.8 million compared to sales of $42.8 million the year prior. Gross profit for first quarter 2005 was $14.9 compared to $9.3 million gross profit in the first quarter 2004.