Aegion Corporation (Nasdaq Global Select Market: AEGN):
- North American Water and Wastewater segment improved operating income to $5.9 million in the second quarter of 2012 compared to an operating loss of $0.2 million in the prior year quarter
- Energy and Mining increased operating income by 93 percent, or $6.5 million, with operating margins of 10.3 percent
- Commercial and Structural segment contributed $2.7 million to operating income at a 13 percent operating margin, excluding acquisition-related expenses for the Fyfe Asia acquisition
- Strong earnings and much improved working capital management resulted in cash flow from operating activities in the second quarter and first six months of 2012 of $28 million and $47 million, respectively
Aegion Corporation (Nasdaq Global Select Market: AEGN) today reported 2012 second quarter net income of $12.9 million, or $0.33 per diluted share (non-GAAP), excluding the impact of $1.4 million (pre-tax) of acquisition-related expenses from the Fyfe Asia transaction, compared to net income of $7.9 million, or $0.20 per diluted share (non-GAAP), in the second quarter of 2011. Inclusive of the acquisition-related expenses, net income for the second quarter of 2012 was $11.5 million, or $0.29 per diluted share. For the first six months of 2012, net income was $20.2 million, or $0.51 per diluted share, excluding acquisition-related expenses of $2.0 million. Inclusive of these acquisition-related expenses, reported net income was $18.2 million, or $0.46 per diluted share.
J. Joseph Burgess, Aegion’s President and Chief Executive Officer, commented, “Our second quarter results validate the recovery in profit and cash generation from our North American Water and Wastewater segment, the continued strong growth we expect from Energy and Mining this year and contributions from our new Commercial and Structural platform. I am very pleased with the results for the quarter despite deteriorating economic conditions in Europe resulting in project delays for cured-in-place pipe contract installations and deferred third-party product sales.”
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