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Shares of Insituform Technologies Inc. (NASDAQ:INSU) soared on 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 on Thursday, it earned $11.7 million in the quarter ending Dec. 31. Which is a gain of 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.
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