Ameron Profit Up on Higher Steel Prices

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Industrial pipe maker Ameron International Corp. said first-quarter net income more than doubled on rising steel selling prices, improved margins and a favorable product mix.


Pasadena-based Ameron, which makes steel pipe and reinforced concrete pipe, on Wednesday reported net income of $8.5 million (94 cents per share), up 136 percent from $3.6 million (41 cents) for the same period a year earlier.


Sales for the steel and concrete pipe maker dipped 4 percent to $120 million, mainly due to the shorter quarter and decreased demand for water piping, Ameron said.


The company also reported fiberglass-composite pipe sales leaped 27 percent on stronger demand in the marine, offshore and chemical and industrial markets worldwide.


Ameron shares initially gained as much as $1.17 in early trading Wednesday but later dropped 15 cents for the day to $68.03 in afternoon trading on the New York Stock Exchange.

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