Insituform shares surge after jump in 4th-quarter profit, revenue

Insituform shares surge after 4Q profit

CHESTERFIELD, Mo. — Shares of Insituform Technologies Inc. surged Friday after the company reported a jump in fourth-quarter earnings and sales.

The stock was up $2.13, or 9.5 percent, to a new 52-week high of $24.65 in afternoon trading. Shares have traded between $11.42 and $24.22 over the past year.

Insituform, which rehabilitates mining, sewer, water and energy piping systems, said after the close Thursday that it earned $11.7 million in the quarter ended Dec. 31. That’s up 21 percent from $9.7 million the year before. On a per share basis, the company’s net income fell to 30 cents from 34 cents because more shares were outstanding in the most recent quarter.

Revenue climbed nearly 56 percent to $213.8 million.

The company’s income from continuing operations — excluding expenses related to restructuring and acquisitions — was $15.8 million, up 53 percent from $10.3 million.

The company said in December that it would reorganize its operations in Europe, cutting 35 jobs as part of a plan to save about $3 million a year.