Maverick Tube reports second quarter earnings
Maverick Tube Corp., a St. Louis, Missouri company that produces tubular products for the energy industry, reported its net sales rose more than 22 percent due in large to higher selling prices and a reduction in steel costs. Net sales rose to $405.4 million for the second quarter 2005, a year-on-year increase of $106.1 million. Year-to-date net sales were reported as $822.5 million, a 30 percent increase from same period in 2004. Net income was reported as $58 million, or $1.36 per diluted share, compared to $38.7 million, or $0.89 per diluted share, for the second quarter 2004. Year-to-date 2005 net income was $86.7 million while year-to-date 2004 net income was $69.9 million. C. Robert Bunch, Mavericks Chairman and CEO, said, "We are pleased with the performance of our energy segment in the second quarter. Commenting on Mavericks second half outlook, Mr. Bunch said, Assuming our selling prices remain strong, as we expect, we should see the margin expansion that began in the second quarter accelerate as the year progresses and into next year. All in all, we are extremely optimistic about the second half of this year and 2006." Maverick Tube Corporation manufactures tubular products in the energy industry for exploration, production, and transmission, as well as industrial tubing products used in various applications.