By RTT News,
December 18, 2013, 08:23:00 AM EDT
(RTTNews.com) - Aegion Corp. ( AEGN ) is cutting its 2013 outlook based on November actual results and is updating its fourth-quarter target.
Looking ahead to the fourth quarter, non-GAAP earnings per share from continuing operations are currently forecasted to be in the range of $0.40 - $0.45. On average, 7 analysts polled by Thomson Reuters expect earnings per share of $0.58 for the fourth quarter. Analysts' estimates typically exclude one-time items.
For the full year 2013, the company now sees non-GAAP earnings per share from continuing operations in the range of $1.27 - $1.32 from an earlier range of $1.53 - $1.60. This includes a half-year contribution from Brinderson within the prior $0.08 - $0.10 range.
The company said its commercial and structural's North American business continued to struggle to build momentum in the U.S. in October and November as a result of the factors such as lower workable backlog from a stall in sales activity that is being addressed by the ongoing investment in its sales organization; project performance issues from inadequate cost estimation on several key projects in late 2012; customers taking more time to finalize the award of new contracts and issue work releases; and certain delays in the setup of new projects in hand, which delayed project execution.
The firm said it is working to evaluate the carrying values of certain of its business units based on the revised forecast and the outlook for 2014. The revised guidance does not reflect any reassessment of the business unit carrying values.
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