BY TED GRIGGS
Advocate business writer
August 09, 2012
Edgen Group Inc., a Baton Rouge energy and industry services company, lost $13.8 million, or 35 cents per share, during the second quarter, compared with a profit of $1.0 million a year earlier before the company was publicly traded.
The company reported its second-quarter results after the markets closed Thursday.
The loss includes pre-tax charges of $15.1 million for prepaying debt related to the company’s initial public offering and $3.0 million for equity-based compensation. Edgen said without those charges, the company would have earned $4.3 million.
That would have put the company close to the per-share earnings forecast by Wall Street analysts. Stock analysts surveyed by Thomson Reuters had forecast earnings of 12 cents per share for the quarter.
Edgen’s stock rose 32 cents, or 4.3 percent, Friday to close at $7.77.
The company lost $9.7 million during the first half of the year, compared with a loss of $6.4 million for the first half of 2011.
In a news release, Chairman and Chief Executive Officer Dan O’Leary said the company was pleased by the sales growth seen this year in its Energy and Infrastructure unit and Oil Country Tubular Goods, the pipe and tubing used by the oil industry.
Energy & Infrastructure sales increased $32.8 million, or 15 percent, to $255.4 million for the quarter.
Sales for the segment were up $124.9 million, or 31 percent, to $533.0 million for the first half of the year.
Meanwhile, Oil Country Tubular Goods sales increased $48.5 million, or 25 percent, to $241.1 million for second-quarter 2012 and increased by $135.2 million, or 40 percent, to $469.3 million for the first six months of 2012.