Edgen Group Inc., a Baton Rouge-based energy services firm, reported first-quarter earnings of $4 million, compared to a loss of $6 million a year ago.
Edgen’s initial public offering was May 2. The company reported its results on a pro forma basis, as if the company were publicly traded.
Edgen’s sales increased 55 percent to $505.8 million.
“Favorable business conditions in oil prices, rig count, and capital expenditure by our customers drove increased demand for the specialized products we distribute throughout global energy markets,” Edgen Chairman, President and Chief Executive Officer Dan O’Leary said in a news release.
The company’s first-quarter sales included high demand for products related to shale drilling and well completions, pipelines and exploration and production, he said.
Sales from Edgen’s Energy & Infrastructure segment increased by $92.1 million, or 50 percent, to $277.7 million. Sales were driven by increased activity among exploration and production firms and pipeline companies.
Sales from the Oil Country Tubular Goods segment increased by $86.7 million, or 61 percent, to $228.2 million. Demand from onshore customers with programs in oil- and liquids-rich shale formations drove pipe sales.