(Updated - December 10, 2014 7:27 AM EST)

Layne Christensen (Nasdaq: LAYN) reported Q3 EPS of ($0.19), $0.31 better than the analyst estimate of ($0.50). Revenue for the quarter came in at $222.9 million versus the consensus estimate of $211.8 million.

Total backlog rose 21.1% to $602.0 million from $497.2 million at Q2 FY 2015.

"Our results for Q3 FY 2015 exceeded our forecasts, led by continuing strong performance at Water Resources and Inliner, combined with narrowing losses at Heavy Civil and Mineral Services. Energy Services did not operate profitably due to one-time charges; however, this segment generated the highest quarterly revenues in its history and achieved an annual revenue run rate of $20 million. Total backlog rose by more than 21% from Q2 FY 2015, reflecting gains at Water Resources, Inliner, Geoconstruction, and Energy Services. Losses at Heavy Civil narrowed by over 50% from Q2 FY 2015 and we remain on track to substantially complete all of this division's unprofitable legacy contracts by the end of FY 2015. Poor results at Mineral Services will very likely persist throughout the year and into FY 2016, as global macro-economic and political factors have continued to impede new projects and depress utilization rates. We continue to manage costs and consolidate locations, where appropriate, until the mining industry recovers. We also continue to implement our selective restructuring activities, with the majority of the associated benefits to be realized in FY 2016. Compared to Q2 FY 2015, our cash position and liquidity increased substantially, reflecting our commitment to strengthening our overall financial profile. Although challenges remain, especially with respect to Mineral Services and Heavy Civil, Layne is becoming a stronger company. We have an improving business outlook, an evolving solutions portfolio, a talented and dedicated global workforce, and a reputation for quality, service and reliability that ranks among the best in our respective end markets."

Q4 FY2015 Outlook

Layne has updated the Q4 FY2015 outlook originally provided on October 23, 2014. As Layne enters its normal seasonal slowdown, it expects a net loss from continuing operations for Q4 FY 2015 of between $12.0 million and $12.5 million, which equates to a $0.60 to $0.65 loss per diluted share.

*** The Street is looking for Q4 loss of $0.39 per share.

Appointment of New CEO:

The company also announced the appointment of Michael J. Caliel as President and Chief Executive Officer, and Member of the Board of Directors, effective January 2, 2015. Mr. Caliel brings more than 30 years of global sales, management and operating experience to Layne. He will succeed Mr. Brown who assumed the role of CEO on an interim basis in June 2014. Mr. Brown will continue to serve as Chairman of the Board.

For earnings history and earnings-related data on Layne Christensen (LAYN) click here.