This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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