Not much of major consequence has changed for Layne Christensen (NASDAQ:LAYN) in the last three months, other than a further 20% pullback in the shares. As I wrote back in September, while this company has some interesting turnaround appeal, the timing of that turnaround is very uncertain, as is management's vision of how its primary markets are developing.
The company's Mineral Services operations continue to be of concern to me, as the market environment for mineral exploration seems to hit rock bottom only to keep digging. At the same time, the heavy civil and geoconstruction businesses remain works in progress with little clarity on their new normalized run-rate profitability.
Some Progress In Q3, But Not A Lot...
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