Quarterly reports issued by public PVF companies after the third quarter of 2005 show generally strong results. Here are some summaries:IPSCO: Sales for the 3rd quarter were $705 million, an increase of 10% or $63 million over the same quarter last year and 6% or $38 million over the prior quarter. Income before tax was $216 million, 8% higher than the third quarter of 2004 and 9% higher than the prior quarter. IPSCO's favorable sales performance was driven by record energy tubular sales volumes.
Through September, 2005 sales totaled a record $2.1 billion, an increase of 27% over the first nine months of 2004. Net income was $414 million for the first nine months of 2005. This compares to net income of $242 million in 2004.
IPSCO expects its North American energy tubular goods shipments in the fourth quarter to meet or exceed the record levels reached in the third quarter. In addition, large diameter pipe production has increased and will continue through this year and well into 2006. Fourth quarter large diameter shipments and recognized revenues are anticipated to exceed levels achieved in the third quarter.
Crane Fluid Handling: Third quarter sales increased 12% to $244.0 million in the 3rd quarter, with operating profits rising from $15.8 million in 2004's third period to $21.1 million this year.
Crane's Valve Group sales of $124.9 million increased 13% from the prior year. The increase was attributed mainly to increased market demand for industrial valves and strengthening pricing across all the valve product businesses.
The Fluid Handling Segment backlog was $194 million at Sept. 30, 2005, compared with $202 million at June 30, 2005 and $177 million at Sept. 30, 2004.
Northwest Pipe Co.: Sales were a record $86.8 million compared to $75.3 million in the third quarter of 2004. The company reported quarterly net income of $4.0 million, compared to $3.9 million in the third quarter of 2004.
Sales in the Water Transmission Group were $61.7 million in the third quarter of 2005, compared to $46.2 million for the third quarter last year and $60 million in the second quarter of this year, the highest sales ever recorded by this group.
The Tubular Products Group's sales were $20.5 million in the third quarter of 2005. While this is down significantly compared to $26.1 million reported for the third quarter last year, it is generally consistent with sales last quarter and with company expectations. “Last year was outstanding for tubular products, particularly during the second and third quarters,” noted President and CEO Brian Dunham. “All current results will pale next to prior year comparisons.”
NS Group: Net sales for the third quarter were $139.9 million, compared with $122.1 million for the third quarter of 2004. Net income for the quarter was $30.8 million, compared to net income of $24.7 million in the same period the year before. Net sales for the nine months ended Sept. 30, 2005 were $446.7 million, compared to $316.1 million for the nine months ended Sept. 30, 2004. Net income for three quarters of 2005 was $87.3 million, compared to net income of $50.4 million in the prior year period.
Maverick Tube: The company reported sales of $489.1 million in the third quarter, compared with $353.7 during the same period a year ago. Net income for the period was $39.2 million, compared with $68.5 million in 2004. Through nine months of 2005, Maverick's sales stood at $1.3 billion, compared with $926.3 million in 2004. Net income declined from $155.3 million through last year's first nine months to $109.0 million in 2005.
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