AMN
Here is a company that sells fiberglass pipe to the oil patch along with a lot of other things. I've been buying some yesterday and today. After earnings it jumped pretty good on higher than normal volume and now it seems to be resting a little just below resistance at $47. Its thinly traded, but with $6.41 per share earnings, and over 19% per year growth in earnings for eight years, this one could really do well. It also has a 2.70% dividend. Don't take my word for it. Do your own DD. Its AMN.
Ameron International Reports Strong Fourth Quarter and Record Earnings for Year 2000
PASADENA, Calif.--(BUSINESS WIRE)--Jan. 25, 2001--Ameron International Corporation (NYSE:AMN) today reported record earnings of $6.41 per diluted share for the fiscal year ended November 30, 2000, an increase of 16% compared to 1999 earnings of $5.54 per share. Earnings excluding gains from asset sales increased 17% to $6.24 per share in 2000 from $5.33 per share in 1999. Sales for 2000 were $550.7 million, compared to 1999 sales of $545.1 million.
James Marlen, Ameron's Chairman, President and Chief Executive Officer, stated, "Our record performance in 2000 marks a continuation of the earnings growth that was achieved over the past eight years. The average annual earnings growth rate since 1992 has exceeded 19% per year, reflecting the quality of our diversified businesses. This past year's record performance is a good example of the balance of our operations. We had a healthy improvement in the Fiberglass-Composite Pipe business, excellent results from our joint-venture operations and continued strong contributions from the Water Transmission and Infrastructure Products Groups.
"Furthermore, as an indicator of the growing activity of Ameron's worldwide businesses, we are involved in consolidated and nonconsolidated operations with sales totaling nearly $800 million. Ameron's sales grew in spite of an adverse impact in 2000 of approximately $18 million due to foreign currency translations. In addition, our principal joint-venture companies, in which Ameron has ownership of 30% to 50%, had sales of $244 million, up 12% from 1999. Ameron provides significant support to our joint ventures, including strategic and technical direction."
Earnings in the fourth quarter of 2000 totaled $2.60 per share, compared to $1.80 per share in the fourth quarter of 1999. Earnings excluding gains from asset sales were $2.43 per share in the fourth quarter of 2000, compared to $1.62 per share earned in the fourth quarter of 1999. Fourth-quarter sales totaled $156.0 million, an increase of almost 17% from 1999 fourth-quarter sales of $133.9 million. All operating units had higher sales in the fourth quarter compared to the same period last year, with the most significant increases by the Fiberglass-Composite Pipe and Water Transmission Groups.
The Fiberglass-Composite Pipe Group had higher sales and income for the year due to higher demand for oil field piping worldwide and a continued strong performance by Ameron's operations in Asia. Earnings improved due to the higher sales and improved plant utilization. The demand for oil field piping remains robust, which should result in continued growth for the Fiberglass-Composite Pipe Group.
For 2000, the Infrastructure Products Group had higher sales and earnings. Ameron's Hawaiian operations had higher sales, while earnings improved only slightly, primarily as a result of a strike early in the year. Pole Products had higher earnings on slightly lower sales.
The Water Transmission Group had higher sales in 2000 as a result of continued strong demand for water transmission and distribution piping in the western U.S. However, as anticipated, earnings were down due primarily to a change in product mix required for projects supplied in 2000. The business is expected to continue to perform at a consistently high level in 2001.
For 2000, the Performance Coatings & Finishes Group had lower sales and earnings. The sales decline was almost entirely caused by weaker foreign currencies. The anticipated growth in the business did not occur because of the weak demand for protective coatings as a result of delayed spending in key offshore and marine markets. These market conditions are believed to have similarly impacted all major industrial coatings companies. However, sales and market conditions improved during the fourth quarter; and indications are that spending in these key markets will rebound to more historical levels in 2001.
James Marlen continued, "We had an excellent year in 2000. We believe we are well positioned to continue good earnings growth in 2001 and future years based on the market conditions and growth potential of several of our businesses, including our joint-venture companies."
Ameron International Corporation is a multinational manufacturer of highly-engineered products and materials for the chemical, industrial, energy, transportation and infrastructure markets. Traded on the New York Stock Exchange (AMN), Ameron is a leading producer of water transmission lines; high-performance coatings and finishes for the protection of metals and structures; fiberglass-composite pipe for transporting oil, chemicals and corrosive fluids and specialized materials and products used in infrastructure projects. The Company operates businesses in North America, South America, Europe, Australasia and Asia. It also participates in several joint-venture companies in the U.S., Saudi Arabia, Kuwait, Egypt and Mexico.
Ameron International Corp. Announces Quarterly Dividend and Annual Meeting Date
PASADENA, Calif.--(BUSINESS WIRE)--Jan. 11, 2001--Ameron International Corporation's (NYSE:AMN) Board of Directors has declared a quarterly dividend of 32 cents per share of common stock payable February 20, 2001 to stockholders of record January 25, 2001, and has established February 6, 2001 as the record date in connection with its Annual Meeting of Stockholders which will be held on Wednesday, March 21, 2001. |
