Energy products manufacturer Maverick Tube Corp. benefited from a boom in oil and energy exploration, posting record profits in the first quarter. Profits rose to $70.9 million, or $1.80 per share, compared with $31.2 million, or 72 cents per share, for the year-ago period.
Canadian energy activity drove about 37% of the company's net revenues for the quarter, according to company Chairman and CEO C. Robert Bunch. The company's line pipe business, its oil country tubular goods business in Latin American and its coiled tubing business also contributed to the record-setting period.
Bunch indicated the company will be heading for a slowdown in the second quarter. "While we expect our second quarter to be impacted by the typical seasonal decline in Canadian drilling activity, we remain very optimistic about the balance of 2006," he said in an April 25 statement. "We believe global drilling activity will remain robust and that Maverick will continue to benefit from the growth and other initiatives we've completed over the years."
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