Layne’s Q1 Misses Street’s View – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/20667/Layne%27s+Q1+Misses+Street%27s+View+-+Zacks+Tale+of+the+TapePosted on Tuesday, June 2nd, 2009 | In Market Commentary, Stocks to Watch
Layne Christensen Co. (LAYN) posted first-quarter earnings below expectations today, amid lackluster performances at its mining and water related businesses.
The drilling and construction services provider reported 5 cents per share, missing the reduced consensus estimate by 12 cents. The company logged a profit of 55 cents per share in the same period of the previous fiscal year.
Layne’s revenue slipped 17% to $204.2 million.
In terms of segment revenue, the company reported a 52% drop in its mineral exploration business on account of the downturn in the commodities market, while the water infrastructure business posted a 7% reduction due to lower demand.
One of 8 covering analysts lowered full-year expectations over the past month, sending the consensus down a penny to 86 cents per share.
Next fiscal year’s average forecast is pegged at $1.01 per share, which has declined by 4 cents over the past month as 1 of 6 analysts pulled back on estimates.
LAYN, a Zacks #4 Rank (”Sell”) stock, is down more than 2.2% on volume of approximately 201,000, compared to average daily volume of about 177,000.
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