Shares of Ameron International Corp. eked out a small gain Friday, even after the company said its fourth-quarter profit fell 20 percent on weak demand for its Industrial pipeline products.

The Pasadena company reported net income of $1.53 per share for the quarter ended Nov. 30, compared with $1.91 per share a year earlier. The company did not provide a net income total for the quarter in its earnings release.

Revenue fell 27 percent to less than $137 million. Analysts surveyed by Thomson Reuters on average expected per-share earnings of 63 cents on revenue of more than $139 million.

For its fiscal 2009, the company reported net income of $33.3 million ($3.63 per share), compared with $58.6 million ($6.39) in 2008. Revenue fell 18 percent to less than $547 million, as worldwide demand declined in key onshore oilfield, chemical and industrial market segments.

“Despite the challenging market conditions caused by the global recession, Ameron achieved a profitable 2009 and delivered a strong fourth quarter,” said Chief Executive James S. Marlen in a press release.

Looking ahead to 2010 the company expects full-year earnings of between $2.75 per share and $3.25 per share. Analysts on average are expecting a higher $3.75.

Shares closed up 31 cents, or less than 1 percent, to $69.03 on the New York Stock Exchange.