Layne Christensen Beats Estimates (LAYN)

Layne Christensen Company LAYN released financial results on Tuesday morning that beat Wall Street estimates. Layne Christensen Company announced that its 3rd quarter net income rose to $8.2 million, or 42 cents per share, up from $6.6 million, or 34 cents per share, a year earlier. The company's revenues climbed 23.9% to $269.8 million, up from $217.8 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 30 cents per share, on revenue of $244.66 million. President and chief executive officer Andrew B. Schmitt said, "Layne completed another good quarter paced by continued strong results in our Mineral Exploration division. The Water Infrastructure division results, compared to last year, were better than expected. The Afghanistan water well project for the U.S. Army was a key contributor to this success. That project will likely wrap up over the next two quarters. Layne Energy endured some very low natural gas pricing this quarter which adversely affected their earnings. Going forward, the short-term economic outlook for most of our businesses is stable." Layne Christensen Company (LAYN) finished the previous trading day at $33.76 per share. The consensus price target of analysts covering the company's stock is $30.70 per share. Read more from Benzinga's Company news.