The Joplin Globe, Joplin, MO

Business

June 5, 2012

Layne Christensen 1Q profit falls, revenue climbs

MISSION WOODS, Kan. — Layne Christensen Co.’s fiscal first-quarter net income dropped 72 percent from year-ago results that included a hefty one-time gain related to a building sale.

The drilling and construction services provider reported on Tuesday that it earned $3.7 million, or 19 cents per share, for the three months ended April 30. That’s down from $13.1 million, or 66 cents per share, a year earlier.

The year-ago period included a one-time gain of 15 cents per share tied to the sale of a building in Fontana, Calif.

Analysts polled by FactSet expected higher earnings of 27 cents per share for the latest quarter.

Revenue rose 3 percent to $276.5 million from $267.4 million, topping Wall Street’s forecast of $265.3 million.

The Mission Woods, Kan., company posted higher revenue from its water resources, geoconstruction, water infrastructure and mineral exploration segments. Revenue fell in its heavy civil and energy segments. The energy unit was hurt by low natural gas prices.

 

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