Insituform Technologies Revises 2011 Outlook To $0.90-$1.00 Per Share
Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) revised its 2011 outlook for diluted earnings per share to $0.90-$1.00 (non-GAAP), excluding acquisition-related transaction expenses and restructuring charges associated with a company-wide cost reduction program.
Joe Burgess, President and Chief Executive Officer, stated, “2011 continues to be a very challenging year for our sewer contracting businesses in the United States and India. We also have been hampered this year by delays in the release and the loss of certain projects in our coatings businesses. However, these challenges do not diminish the opportunities we expect for our entire company as we focus on 2012.”
The North American Sewer Rehabilitation business continued to be hard hit in the third quarter because of project delays and smaller projects, both in diameter and transaction size, despite an improving bid table and better discipline in the organization. “Given current market conditions and lower than expected performance, we have taken actions to realign our North American Sewer Rehabilitation organization further so it can operate much more profitably in this environment. We have reduced the number of work crews, completed unprofitable work acquired earlier in the year, implemented improved bidding discipline, reduced overhead costs and removed underperforming management while also selectively adding personnel to focus on improved project management and logistics to achieve increased and sustainable margins in our contracting business. While market conditions have remained challenging, recent project acquisitions have been at higher margins compared to earlier in the year giving us confidence for improved performance in the fourth quarter and next year,” said Burgess.The Company also has continued to experience delays in getting the release of new projects in India, which were anticipated to be awarded in 2011. These project delays not only impact the contracting business but also manufacturing operations. Those projects are still expected to begin in early 2012, slipping from the fourth quarter of 2011.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV