Jun 8, 2011
Layne Christensen Company (NASDAQ:LAYN) reported Q1 EPS of $0.66 today, crushing the consensus estimate for $0.28 per share. Revenues grew 15.9% year-over-year to $267.37 million, well above the consensus estimate for $242.88 million.
Andrew B. Schmitt, President and Chief Executive Officer said, "Layne Christensen Company had an all-time record first quarter in revenues and the third best first quarter in earnings, excluding the gain on sale of our Fontana, California facility. The Mineral Exploration Division was up significantly over last year in both revenues and earnings and the Water Infrastructure Division improved in an environment of continued weakness in municipal spending. Our Energy Division remains profitable despite very weak natural gas pricing. The markets in which we operate outside the U.S. still look very strong."
Layne Christensen has a potential upside of 20.4% based on a current price of $27.41 and an average consensus analyst price target of $33.
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