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Ameron 2Q Net Income Edges Higher

PASADENA, Calif. (AP) â¿¿ Industrial pipeline maker Ameron International Corp. said Thursday that its second-quarter net income edged higher on strength in its oil and mining businesses in North and South America.

Ameron said it had net income of $9.5 million, or $1.03 per share, for the quarter ended May 31, compared with net income of $9.4 million, or $1.02 per share, in the year-ago period.

Revenue increased to $136.5 million from $132.9 million in the 2009 second quarter.

The results easily beat Wall Street estimates.

Analysts surveyed by Thomson Reuters expected net income of 70 cents per share on revenue of $123.5 million.

The company said its fiberglass-composite pipe group had second-quarter sales of $64.7 million, an increase of 16 percent, and income of $17.8 million, an 8 percent increase.

The company said sales increased in key oilfield and mining markets in North and South America, and marine and offshore energy exploration and production markets remained strong.

The improvements offset weakness in the company's infrastructure product group, which has been hurt by the slow residential and commercial construction markets.

Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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