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Simpson Manufacturing Company, Inc. (SSD) - free report >>
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Aegion (AEGN) Wins $8M Contract from the City of Montgomery
Aegion Corporation declared that it has won an $8 million contract from the City of Montgomery, Alabama for its Infrastructure Solutions platform.
The contract is for the second and final phase of a wastewater pipeline rehabilitation project located in the Econchate Basin. The Econchate Basin is a collection system that drains into the Econchate Wastewater Treatment Plant. The first phase of the project, which was completed in Apr 2016, was also awarded to Aegion.
Per the contract, Aegion will install Insituform (cured-in-place pipe) CIPP and iPlus Composite to rehabilitate over 20,000 feet of 8-inch to 48-inch diameter pipelines. It also includes the rehabilitation of 34 manholes and construction of over two miles of all-weather access road in the wetland area. The second phase of the project is likely to begin later this month and is expected to be completed in 15 months.
Aegion has a positive outlook for its Infrastructure Solutions' Insituform CIPP technology and expects it to perform well in the major North America water and wastewater pipeline market. The company recently announced a $6.8 million municipal contract in the City of West Palm Beach, FL, to rehabilitate approximately 6,000 feet of 48-inch diameter forced main sewer pipeline by installing Insituform’s InsituMain system. This is a good win to improve and use the CIPP product in the pressure pipe market.
Further, Aegion will benefit from its strong backlog at the end of the first quarter. Its consolidated backlog was $756.7 million, marking an increase of around 1% from the Mar 31, 2015 level. Moreover, the company’s contract wins in the past as well as its scope to gain more such deals in the future bode well for the company.
Aegion currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same sector include Installed Building Products, Inc. (IBP - Free Report) , Simpson Manufacturing Co., Inc. (SSD - Free Report) and TopBuild Corp. (BLD - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).
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