Layne Christensen (LAYN) has never been an easy stock, and a variety of problems in recent years hasn't made things any easier. This was always an unusual resources conglomerate, with operations in water, minerals, and energy, but a corruption scandal, downturns in the market, and an inefficient corporate structure have made the situation even more challenging. Though I can see a viewpoint whereby these shares may be undervalued, I think the company is looking at some challenging end market conditions and a lot of internal heavy lifting - Layne Christensen is, I believe, getting better, but it's operating environment is getting worse.
A Few Bright Spots, But A Lot Of Challenges
This was not a great quarter...
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