UPDATE: Layne Christensen Reports Upbeat Q1 Results

Layne Christensen Co LAYN reported stronger-than-expected first-quarter results on Wednesday. LAYN reported its quarterly net income at $13.1 million, or $0.66 per share, up from $6.6 million, or $0.34 per share, in the year-ago period. Excluding one-time items, LAYN's earnings came in at $0.51 per share. Its revenue surged 16% to $267.4 million. However, analysts were expecting earnings of $0.28 per share on revenue of $242.9 million. LAYN's cost of revenue surged 16.5% to $200,225,000, or 74.9% of revenue, versus $171,912,000, or 74.5% of revenue, in the year-ago period. LAYN shares surged 3.32% to $28.32 in pre-market trading. Read more from Benzinga's Company news.