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Aegion Corporation Reports Third Quarter 2013 Non-GAAP Diluted Earnings Per Share From Continuing Operations Of $0.44

Stocks in this article: AEGN

During the third quarters of 2013 and 2012, we reversed $2.8 million and $5.9 million, respectively, of the contractual earnouts related to CRTS. In each year, operating results were below the target amounts in the purchase agreement, mostly due to the Wasit project.

North American Water and Wastewater

  Quarters Ended September 30,       Increase (Decrease)
2013   2012 $   %
Revenues $ 95,997   $ 77,818 $ 18,179   23.4 %
Gross profit 21,357 17,183 4,174 24.3
Gross profit margin 22.2 % 22.1 % n/a 10bp
Operating expenses 11,029 10,894 135 1.2
Operating income 10,328 6,289 4,039 64.2
Operating margin 10.8 % 8.1 % n/a 270bp
Nine Months Ended September 30, Increase (Decrease)
2013   2012 $   %
Revenues $ 261,616 $ 231,647 $ 29,969 12.9 %
Gross profit 55,786 48,850 6,936 14.2
Gross profit margin 21.3 % 21.1 % n/a 20bp
Operating expenses 32,776 32,489 287 0.9
Operating income 23,010 16,361 6,649 40.6
Operating margin 8.8 % 7.1 % n/a 170bp

Third Quarter 2013 versus Third Quarter 2012

Our North American Water and Wastewater segment achieved a $4.0 million, or 64.2 percent, increase in operating income compared to the prior year quarter. The growth came from increased volume across all geographies, especially large diameter footage, which increased 105 percent compared to the prior year. The Canadian region also contributed because of a shift of work from the first half of 2013 where there was an abnormal amount of weather delays into the third quarter of 2013 and recent project awards in Eastern Canada. Operating margins improved 270 basis points from favorable project mix with large diameter work. We also have maintained our bidding discipline and have experienced increased success from our enhanced estimating and project management structure.

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