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TheStreet Open House

Aegion Reports 2013 Non-GAAP Diluted Earnings Per Share From Continuing Operations Of $1.27

Stocks in this article: AEGN

Aegion Corporation (Nasdaq Global Select Market: AEGN) today reported 2013 financial results for the fourth quarter and full year 2013. Excluding one-time items defined as non-GAAP in the fourth quarters and full years of 2013 and 2012, 2013 net income from continuing operations in the fourth quarter totaled $15.5 million, or $0.40 per diluted share, compared to $16.1 million, or $0.41 per diluted share, in the prior year quarter. Net income from continuing operations for full year 2013 was $49.5 million, or $1.27 per diluted share, compared to net income of $57.1 million, or $1.44 per diluted share, in 2012.

J. Joseph Burgess, Aegion’s President and Chief Executive Officer, commented, “We took an important step in 2013 to advance our long-term growth prospects. Aegion’s acquisition of Brinderson on July 1, 2013 provides an entry into the more predictable and growing facility maintenance market in the downstream and upstream United States energy sector and complements our pipeline rehabilitation technologies and services in the midstream pipeline segment. Brinderson is already delivering on its promise with significant project awards in the fourth quarter of 2013 that bolster its outlook for 2014.”

“Our Global Water and Wastewater platform had a terrific year led by the North America business and improved results in the Asia-Pacific region. The corrosion engineering and cathodic protection business continued its steady performance of growing revenues in each year since its acquisition in 2009 and expanding operating margins from approximately 8 percent in 2009 to greater than 13 percent in 2013. Brinderson met our expectations for immediate accretion in the second half of the year after we acquired the company in July 2013. These three businesses represented over 70 percent of consolidated 2013 revenues, the vast majority of which came from recurring sources. Despite the importance of the Brinderson acquisition and the strong results from these key businesses, consolidated results in 2013 did not meet our expectations. Customer-driven postponements and soft market conditions negatively impacted our coatings and industrial linings businesses and the robotics coating operation with respect to progress on the Saudi Arabia offshore Wasit gas field project. The North American segment of the Commercial and Structural platform also faced challenges in 2013 from lower workable backlog and certain project performance issues.”

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