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Aegion announces its 4Q16 and 2016 annual results

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World Pipelines,

Aegion Corp. has reported its 2016 full year and fourth quarter financial results. The company has reported the following:

  • 4Q16 diluted earnings per share (EPS) was US$0.52 compared to a loss of US$0.91 in 4Q15.
  • Adjusted (non-GAAP) 4Q16 diluted EPS was US$0.44 compared to US$0.36 in 4Q15.
  • Full year 2016 diluted EPS was US$0.84 compared to a loss of US$0.22 in 2015.
  • Adjusted (non-GAAP) full year 2016 diluted EPS was US$1.10 compared to US$1.28 in 2015.
  • 2016 cash flow from operating activities and free cash flow were 189% and 89% of adjusted net income, respectively, demonstrating efficient cash generation.
  • Contract backlog on 31 December 2016 was US$689.6 million, 11% and 7% below the prior year-end and prior quarter-end, respectively, primarily due to the start and progress of the deepwater pipe coating and insulation project.

Infrastructure Solutions delivered strong performance in the North American cured-in-place pipe (CIPP) market, which partially offset reduced activity for Fusible PVC® pipe and the Tyfo® Fibrwrap® technology in North America and a more difficult European CIPP market.

Corrosion Protection benefited from a large deepwater pipe coating and insulation project, as well as improved performance for US midstream pipe protection services, both of which overcame other challenges in the energy markets.

“We made investments in 2016 to position Aegion for sustainable organic growth in our core North American municipal and midstream pipeline markets. Overshadowed by energy market challenges in 2016, Infrastructure Solutions had record performance in the North American CIPP market and Corrosion Protection saw improved results for its midstream cathodic protection services in the US.

“For 2017, we expect higher top line and operating income across all three platforms to result in strong earnings per share growth, greater cash generation and increasing return on invested capital. This positive outlook reflects the copany’s assessment of growing end markets, including an improving environment for oil and gas infrastructure, the expected completion of the large deepwater pipe coating and insulation project and continued execution of our long term growth strategy.”

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