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Aegion Corporation Increases Third Quarter Non-GAAP Earnings Per Share By 85 Percent To $0.50 On Strong Performance From Energy And Mining And Profitability Improvements In North American Water And Wastewater
Aegion Corporation (Nasdaq Global Select Market: AEGN) today reported 2012 third quarter net income of $19.9 million, or $0.50 per diluted share (non-GAAP), excluding the impact of $0.6 million (pre-tax) of acquisition-related expenses compared to net income of $10.8 million, or $0.27 per diluted share (non-GAAP), in the third quarter of 2011. Inclusive of the acquisition-related expenses, net income was $19.5 million, or $0.49 per diluted share. For the first nine months of 2012, net income was $40.1 million, or $1.01 per diluted share (non-GAAP), excluding acquisition-related expenses of $2.6 million. Inclusive of these acquisition-related expenses, reported net income was $37.8 million, or $0.95 per diluted share.
J. Joseph Burgess, Aegion’s President and Chief Executive Officer, commented, “Our results this quarter position Aegion to end the year with strong earnings per share growth and improved return on invested capital from a base business that is increasingly more robust. Our Energy and Mining platform continued to be the growth engine for our Company, providing a substantial portion of the improved operating profits for the third quarter of 2012 as a result of 22.5 percent quarter over quarter revenue growth. Our North American Water and Wastewater segment has transitioned into a more consistent cash generator as a result of its focus on improving gross and operating margins through better overall project management. Our new Commercial and Structural platform continues to demonstrate the high level of performance we anticipated from the August 2011 acquisition of Fyfe Group’s North America business, and we are gaining momentum by increasing the rate of growth as we expected.”
“I am very pleased with the record performance in the quarter, notwithstanding challenges we identified earlier in the year. Specifically, we’ve seen continued economic uncertainty in Europe, significant project delays in Australia, and additional costs in connection with the close out of three legacy projects in Singapore impacting our European and Asia-Pacific Water and Wastewater segments.”