Aegion Corporation (Nasdaq Global Select Market: AEGN) today reported financial results for the second quarter and first six months of 2014. For the second quarter, reported GAAP income from continuing operations totaled $12.8 million, or $0.33 per diluted share, compared to $18.2 million, or $0.47 per diluted share, in the prior year period. Excluding adjustments, income from continuing operations was $13.1 million, or $0.34 per diluted share, for the second quarter of 2014 compared to $13.3 million, or $0.34 per diluted share for the prior year quarter (non-GAAP 1 ). In the second quarter of 2013, the Company recognized $1.3 million, or $0.03 per diluted share, for equity in earnings of affiliated companies from two joint ventures that were divested prior to April 1, 2014, with no resulting contribution in the second quarter of 2014.
For the first six months of 2014, reported GAAP income from continuing operations was $17.3 million, or $0.45 per diluted share, compared to $21.8 million, or $0.56 per diluted share, in the prior year period. Excluding adjustments, income from continuing operations for the first six months of 2014 totaled $17.9 million, or $0.47 per diluted share, compared to $16.9 million, or $0.43 per diluted share.
Chuck Gordon, Aegion’s Interim Chief Executive Officer, commented, “Aegion achieved second quarter results that were largely in line with expectations as Corrpro’s performance rebounded in May and June. Insituform’s North American business completed a strong second quarter and Fyfe North America delivered improved performance consistent with our expectations for a recovery in 2014. We did experience unplanned project delays late in the quarter, particularly related to the CRTS/Wasit project and United Pipeline Systems. While Brinderson’s upstream business increased over 50 percent year-over-year on a pro forma basis, additional opportunities expected in the quarter have not materialized including slower progress in the Permian Basin. Aegion has a strong backlog position, which supports our expectations for a seasonally strong second half of the year that can achieve full-year non-GAAP earnings per share from continuing operations in the range of $1.50 to $1.65, in line with our previously stated guidance.”
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