Layne Christensen (LAYN) Tops Q2 Views

September 3, 2009 6:54 AM EDT

Layne Christensen Co. (Nasdaq: LAYN) reported Q2 EPS of $0.23, ex-items, versus the consensus of $0.14. Revenues fell 19.4% to $217.2 million, versus the consensus of $214.85 million.

CEO Andrew B. Schmitt commented, "Activity levels in the second quarter were up across all our business segments from the extremely depressed first quarter levels. In our water infrastructure division, the more infrastructure intensive pipeline construction product line was actually up over the prior year's second quarter. I believe this is quite a feat in today's economy. The weak earnings comparison to the prior year in our water infrastructure division is coming from Layne's traditional water business where demand for additional water supply, outside of a few drought stricken markets, is still weak. At this point, across all our divisions, it does not appear we will see much appreciable change in activity in the current market environment, but we do appear to be off the bottom for now."

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