Layne Christensen announces profit
The company earned $2.4 million in the final quarter and $1.4 million for the full fiscal year.
Layne Christensen Co. on Tuesday posted a profit for its final quarter of fiscal 2010 that exceeded analyst estimates.
The Mission Woods-based company earned $2.4 million, or 12 cents a share, on $227.2 million in revenues for the three months that ended Jan. 31.
Excluding charges, Layne’s net income would have been $5.4 million, or 28 cents a share.
Analysts on average had forecast Layne to earn 25 cents a share on $208 million in revenues.
The fiscal 2010 fourth quarter also reversed a loss reported for the same period in the previous year. At that time Layne lost $11.4 million, or 59 cents a share, on $229.4 million in sales.
Layne provides products and services for the water, mineral exploration and energy markets.
The company’s fourth-quarter performance helped it report a small profit for the full fiscal year. Layne earned $1.4 million, or 7 cents a share, on $866.4 million in revenues.
In fiscal 2009, Layne earned $26.2 million, or $1.37 a share, on $1 billion in revenues.
Andrew Schmitt, Layne’s president and chief executive, said Layne’s smaller units performed well while the company’s water and mineral exploration division were hurt by the weak economy.
“Next year we are looking to our legacy water and mineral exploration businesses to recapture some of their earnings that all but disappeared in fiscal 2010,” he said in a statement. “Our challenge will be that the softness will shift to our energy and other water infrastructure businesses.”
Layne’s stock fell 47 cents, closing at $27.70 a share. | Randolph Heaster, [email protected]star.com.