Layne Christensen Co. (Nasdaq: LAYN) shares rose 13.8% to $31.19, after the provider of drilling and construction services reported first-quarter results that beat estimates. Volume of more than 127,000 has already outdistanced its daily average of 104,264.
The company, based in Mission Woods, Kansas, today announced net income for the first quarter ended April 30, 2011, of $13,066,000, or $0.66 per diluted share, compared to net income of $6,571,000, or $0.34 per diluted share last year.
Revenues for the three months ended April 30, 2011, increased $36,656,000, or 15.9%, to $267,371,000 compared to $230,715,000 for the same period last year.
Company CEO Andrew Schmitt led off the June 8, 2011 press release announcing the improved bottom line by commenting, “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.”
For well over a century, Layne Christensen has been drilling deep to bring vital natural resources to the surface. Today, it claims to use the 21st century’s most advanced technologies to locate and produce water, minerals and energy – all essential to people’s lives every day.
thanks in large part to an 85 percent increase in revenue from the company’s mineral exploration division.