Layne Christensen higher on record Q2
Layne Christensen Co. (Nasdaq: LAYN) is trading higher on news before the opening of record second-quarter numbers that beat Wall Street’s expectations.
Revenues for the three months ended July 31 rose 16.4% to $217.84 million, while two analysts polled by Thomson Financial had projected $215.04 million. The Mission Woods, Calif.-based provider of drilling and construction services brought in $187.15 million a year earlier.
Net income rose 27.7% to $9.57 million, or $0.60 per share, outpacing the Wall Street’s projected earnings of $0.49 per share. A year ago Layne Christensen booked a profit of $7.19 million, or $0.47 per share.
“Very solid performance from all our primary business units,” said CEO and president Andrew Schmitt. “The drivers remain robust in the water, minerals and energy sectors in which we are involved.”
Layne Christensen’s energy division led the way, posting a 58.7% rise in revenues. The mineral exploration and water and wastewater infrastructure divisions followed, posting revenue increases of 21.4% and 19.0% respectively.
At 1:58 p.m. ET shares had added $1.43, or 3%, to $46.00. The 52-week high is $47.45, reached on August 13. The 52-week low of $26.57 was set on Oct 4, 2006.
