Layne Christensen Co. (LAYN) announced fiscal second-quarter results yesterday after the closing bell. The company reported GAAP net loss of $8.6 million or 45 cents per share, compared to GAAP net income of $15.1 million or 78 cents per share in the year-ago quarter. Excluding a non-cash impairment charge, net income came in at $4.4 million or 23 cents per share, beating the Zacks Consensus Estimate by nearly 92%, or 11 cents. Layne Christensen is engaged in providing drilling services and related products and services in 4 principal markets: water infrastructure, mineral exploration, geotechnical construction and oil and gas. The company’s customers include municipalities, industrial, mining, oil and gas companies and consulting and engineering firms. The Mission Woods, Kansas-based company’s revenue slumped 19.4% year over year to $217.2 million, still it came in ahead of the Zacks Consensus Estimate of $214.8 million. Sales from ...

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

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Layne Christensen Co.'s (LAYN) MACD indicator has moved into bearish territory with a reading of -0.0507. The Zacks #5 Rank ("Strong Sell") stock has declined over 3% to $19.81 in morning trade. The full-year consensus estimate has moved down by 55 cents over the past 60 days to 86 per share.

"LAYN" Free Stock Analysis: Buy? Sell? Hold?Zacks Investment Research

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