Water and energy services firm Layne Christensen Company (NASDAQ:LAYN) missed analysts’ estimates of quarterly EPS of $0.40, coming in at $0.24 excluding an impairment charge of $16.1 million. Including the charge, the company had a net loss of -$0.59. Annual EPS was off by nearly a dollar, $1.37 v. expectations of $2.35. Even excluding the impairment charge, the company missed annual EPS estimates, coming in at $2.20.
The company also missed on revenue. Estimates of quarterly revenue of $232.49 million turned into $239.4 million actual revenue. Annual revenue barely met estimates of $1.01 billion.
The company’s president and CEO attributed the poor showing to “low natural gas prices at fiscal year end.” He characterized expectations for the current quarter as “tougher as we stair step down from fourth quarter revenues while trying to get costs in line with a lower revenue base.”
It’s about time Layne got on board with what every one else has been doing for six months or more. Did it think it was immune to the rest of the economy? Shares closed at $19.43 on Friday and were up over 1.5% in after-hours trading. That looks like it will change today.
Paul Ausick
March 30, 2009
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