Ameron Shares Surge on Record Earnings

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Shares in Ameron International Corp. gained more than 13 percent early Friday after the company reported record annual earnings.

Ameron reported fourth quarter net income of $21.8 million ($2.39 per share), an 83 percent leap from $11.9 million ($1.33) in the sale period a year earlier. The results benefited from a tax gain of $3.8 million on the sale of business unit.

Sales for the Pasadena-based industrial products manufacturer increased 25 percent to $189 million.

For the fiscal year ended Nov. 30, Ameron reported record net income of $67.2 million ($7.40 per share), a 28 percent increase from $52.2 million ($5.88) from fiscal year 2006.

Annual sales also saw a strong increase, jumping 15 percent to $631 million.

Ameron credited record sales in its fiberglass and composite pipe division, which saw a 35 percent hike in sales thanks to increased demand from the marine, offshore and onshore oilfield, and chemical industries, Ameron said in a release.

“While there is softness in residential markets and uncertainty in the economy in general, I remain positive that we will continue to deliver solid returns for our shareholders,” Chief Executive James Marlen said.

Shares in Ameron surged 13 percent, or $11.64 per share, to $101.08 in early trading Friday on the New York Stock Exchange. Shares are up 10 percent so far this year.

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