Maverick flies high with top gun results

Maverick flies high with top gun results

Maverick Tube Corporation recently announced first quarter 2005 net income earnings of $31.2 million, or $0.72 per diluted share. The earnings show a slight improvement over 2004’s $28.7 million, or $0.68 per diluted share. Net sales hit a record $446.5 million for the quarter, up from $311.3 million for Q1 2004. Sales of energy products recorded a year-on-year increase of 58.9% to hit $333.6 million. Sales of industrial products posted an 11.4% ($112.9 million) year-on-year gain. Speaking on Maverick’s 2005 outlook, C. Robert Bunch said, “We are very excited about the balance of 2005. We anticipate activity will remain robust and North American supply factors will benefit US and Canadian producers. In addition, we anticipate that lower priced steel should begin to improve our margins starting in the second quarter, with the full impact expected by year-end. We believe Maverick is well positioned to take advantage of these market conditions.”