Edgen Group Earnings: Here’s Why the Stock is Falling Now
Edgen Group Inc (NYSE:EDG) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.29%.
Edgen Group Inc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.06 in the quarter versus EPS of $0.11 in the year-earlier quarter.
Revenue: Decreased 13.08% to $431.55 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Edgen Group Inc reported adjusted EPS loss of $0.06 per share. By that measure, the company missed the mean analyst estimate of $0.05. It beat the average revenue estimate of $415.75 million.
Quoting Management: “We are pleased to announce increased sales and backlog over the first quarter of 2013,” said Dan O’Leary, Chairman and Chief Executive officer. “Elevated quotation activity and recent project bookings at the close of the second quarter reinforce our optimism about future opportunities for Edgen Group, particularly into 2014. Pricing pressure and project delays still had an impact in the second quarter, however we remained focused on improving the mix of products that we sold, providing exceptional service to our customers with active drilling programs, and adding new customers, especially in areas that we expect will gain traction when market conditions improve.”
Key Stats (on next page)…