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Topics News & Markets

Slump in construction pushes Ameron International 2Q earnings down 90 per cent

By The Associated Press | July 08, 2011

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NEW YORK, N.Y. - Ameron International Corp. said Friday that its profit tumbled 90 per cent in the second quarter due to weak construction markets and a lull in fiberglass pipe demand in Asia.

James Marlen, Ameron's chairman, president and CEO, said company profits will swing with any improvement in construction-related markets. "Such improvements have not materialized to date," he said.

Ameron makes products for chemical, industrial, energy, transportation and infrastructure markets. It produces water transmission lines and fiberglass-composite pipe

The Pasadena, Calif., pipe manufacturer reported net income of $989,000, or 11 cents per share, for the three months ended May 29. That compares with $9.5 million, or $1.03 per share, in the same period last year.

Revenue slipped 1.3 per cent to $134.7 million from $136.5 million a year ago.

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