Layne Christensen Co. (LAYN) posted first quarter net income attributable to Layne Christensen of $3.75 million or $0.19 per share versus $13.07 million or $0.66 per share last year.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share. Analysts' estimates typically exclude special items.
Revenues grew 3.4% to $276.47 million from $267.37 million a year ago, driven by higher revenues in all divisions except for Heavy Civil and Energy. Analysts expected revenues of $263.18 million.
"We underperformed this quarter due mostly to continuing economic difficulties affecting our four Water Infrastructure divisions and Layne Energy. Heavy Civil had its worst quarter as old pricing and execution issues dealt us a harsh setback. We continue to substantially reshape the business by reducing overhead and realigning resources to improve operating efficiency. We feel that the worst is behind us at Heavy Civil, but some losses for the balance of the year are expected...," said Rene Robichaud, President and Chief Executive Officer.
Robichaud also noted that first quarter last year included some very positive, non-recurring income. Layne Energy is operating efficiently but suffering losses due to very low natural gas prices. Robichaud concluded, "Our Mineral Exploration division had a record quarter despite a temporary setback due to unrest in Mali. Overall, we expect to see much better financial performance throughout the organization for the balance of FY 2013."
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