- Aegion (AEGN -15.3%) reports Q1 revenue decline of 14.8% Y/Y to $277M, revenues on a same-store basis declined 8% Y/Y.
- Sales by segments: Infrastructure Solutions $131.54M (-2.2% Y/Y); Corrosion Protection $64.49M (-34.3% Y/Y); and Energy Services $80.86M (-12.4% Y/Y).
- Q1 Gross margin declined by 150 bps to 17.4%; Adj. gross margins increased by 20 bps to 19.1%; and adj. operating margin declined by 37 bps to 2.4%.
- Segment adj. operating margins: Infrastructure Solutions 9.3% up by 450 bps; Corrosion Protection -2.3% down by 890 bps; and Energy Services 1.4% down by 190 bps.
- “We are confident in our target for modest growth in adjusted earnings per share in 2019, driven by our solid backlog position and strong market outlook for our core businesses. We expect activity to pick up significantly in Q2’19 as we enter our seasonally stronger construction cycle,” mentioned Charles R. Gordon, President and Chief Executive Officer.
- Previously: Aegion misses by $0.04, misses on revenue (May 1)