Edgen Group Reports Fourth Quarter and Full Year 2012 Results and Provides 2013 Guidance

• Record annual net sales of $2.1 billion for 2012, an increase of 23% from the prior year
• Annual adjusted EBITDA of $144.9 million for 2012, an increase of 15% from the prior year
• Q4 2012 net sales increased 10% and adjusted EBITDA increased 5% compared to Q4 2011
• Q4 2012 adjusted net income of $11.0 million compared to $0.6 million in Q4 2011

BATON ROUGE, La.–(BUSINESS WIRE)– Edgen Group Inc. (the “Company” or “Edgen Group”) (NYS: EDG) a leading global distributor of specialized products including steel pipe, valves, plate, and related components to the energy and industrial infrastructure markets, today reported its financial results for the three and twelve months ended December 31, 2012.

“With record net sales in 2012, we are very pleased with our year over year growth given the uncertain global economic conditions throughout 2012,” stated Dan O’Leary, the Company’s Chairman and Chief Executive Officer. “Despite the challenging environment, the Company was able to achieve record revenue levels while we focused on completing an IPO, refinancing our debt at more favorable terms and completing two acquisitions to expand our product offering, all of which continue to position the Company for future success.”

Years Ended December 31, 2012 and 2011

• Net sales increased 23% to a record $2.1 billion from $1.7 billion in 2011.
  • Net sales from our Energy & Infrastructure (“E&I”) segment increased 24% to $1.1 billion compared to $911.6 million in 2011. Gross margins in 2012 and 2011 were 13.4% and 14.8%, respectively.
  • Net sales from our Oil Country Tubular Goods (“OCTG”) segment increased 22% to $929.6 million compared …read more
    Source: FULL ARTICLE at DailyFinance