Ameron 1Q profit more than doubles |
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Wed, 21 Mar 2007 16:28
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PASADENA, Calif. (AP) - Ameron International Corp., which makes steel pipe and reinforced concrete pipe, said Wednesday first-quarter profit more than doubled on higher steel selling prices, improved margins and a favorable product mix.Earnings for the three months ended Feb. 28 jumped to $8.5 million, or 94 cents per share, from $3.6 million, or 41 cents per share, in the prior year.Revenue for the quarter dipped 4 percent to $120.4 million versus $126 million.Sales in the fiberglass-composite pipe group climbed 27 percent during the quarter on stronger demand in the marine, offshore and chemical and industrial markets worldwide.Shares of Ameron International gained $1.17 to $69.31 in morning trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Ameron declares regular 20-cent dividend 