This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Aegion Corporation Reports First Quarter 2014 Financial Results

Aegion Corporation (Nasdaq Global Select Market: AEGN) today reported financial results for the first quarter of 2014. Reported GAAP net income from continuing operations totaled $4.5 million, or $0.12 per diluted share, compared to $3.6 million, or $0.09 per diluted share, in the prior year quarter. Excluding adjustments, net income from continuing operations totaled $4.8 million, or $0.13 per diluted share, in the first quarter of 2014 (non-GAAP 1).

J. Joseph Burgess, Aegion’s President and Chief Executive Officer, commented, “The results in the first quarter were ahead of our expectation as the North American operations of our Water and Wastewater platform increased crew utilization and productivity due to more favorable weather conditions in the month of March. The performance of our other businesses was within prior expectations. We believe market conditions remain favorable for the key businesses that are predicted to drive our performance in 2014. This is reflected by our solid backlog position at the end of the first quarter, which affirms our outlook for the full year and expectations for non-GAAP earnings per share from continuing operations to be in the range of $1.50 to $1.70.”

2014 Updated Outlook

Sales acquisitions in the United States increased during the first quarter compared to the prior year quarter for the corrosion engineering and cathodic protection business by 36 percent and for the industrial linings business by 18 percent; both are positive indicators for the remainder of the year. The outlook in the Middle East remains favorable for these businesses and the robotic coatings business as progress continues on the offshore Saudi Aramco Wasit project, which is expected to be completed in late 2014 or early 2015. Brinderson increased its downstream maintenance billable hours in the quarter to a record level from existing and multiple new large contract awards. Brinderson is actively bidding several large upstream opportunities in the coming months. Water and Wastewater’s North American business enters the second quarter with record backlog driven by a 21 percent increase in sales acquisitions in the first quarter of 2014 compared to the first quarter of 2013. The increase in sales acquisitions for these businesses was a contributor to the $748.7 million consolidated backlog position as of March 31, 2014. These larger businesses account for nearly 80 percent of Aegion’s expected revenues and a substantial portion of the anticipated operating income in 2014.

1 of 11

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs