Finance & Business World

Insituform Technologies Inc. said its second-quarter profit more than doubled to $15.78 million compared to $6.55 million in last year’s quarter, thanks in part to the impact of recent acquisitions.

For the quarter ended June 30, the company reported that its revenue rose 26 percent to $230.19 million compared to nearly $183.2 million in last year’s quarter. The increase primarily was driven by 38.8 percent growth in its Energy and Mining segment, the company said.

Joe Burgess, president and CEO, said in a statement that the acquisitions of the Bayou Cos. and Corrpro Cos. were more than 20 percent accretion to Insituform’s earnings per share this quarter, and slightly accretive for the last 12 months. Insituform bought the Bayou Cos. for $125 million in February 2009 and Corrpro Cos. Inc. for $92 million in March 2009 Faxless payday loans.

“Each of our business segments are poised to make even more progress in the second half of 2010, with market conditions continuing to improve on a global basis, coupled with our strong backlog position and order prospects,” Burgess said.

Insituform’s total contract backlog was $475.2 million as of June 30, representing a 2.5 percent increase from Dec. 31, 2009, and a 2.8 percent increase from June 30, 2009.

The Chesterfield, Mo.-based company (Nasdaq: INSU), led by President and Chief Executive Joe Burgess, rehabilitates sewer and water pipes. The company landed $86 million worth of stimulus work last year and expects to tap into another $86 million of stimulus work this year.

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