Layne's Q1 Misses Street's View

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.

Read the full analyst report on LAYN