Thursday, September 20, 2001
What's the Buzz?
NS Group shares fall with earnings
Shares of Newport's NS Group Inc. fell 21 percent Wednesday after the tubular steel maker cautioned that it will lose about 10 cents a share in the September quarter.
NS Group's shares closed at $5.55, down $1.49.
The parent of Newport Steel in Wilder had been expected to earn 24 cents a share, according to analysts surveyed by Thomson Financial/First Call.
The company said weakening natural gas prices have caused a drop-off in new well drilling activity. Shipments of what's known as oil country tubular goods are down 20 percent from the second quarter.
“The gas drill rig count has dropped by nearly 90 rigs since mid-July,” said Rene J. Robichaud, NS Group CEO, said.
NS Group wasn't alone among drilling pipe suppliers passing on bad news. Rival Maverick Tube Corp. said its third-quarter profit will miss forecasts.
Maverick said it will have profit from operations of 33 cents to 38 cents a share. The Chesterfield, Mo.-based company had been expected to earn 43 cents a share.
— Mike Boyer
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