Originally published at www.seclive.com
Layne Christensen Co. (NASDAQ:LAYN) announced its financial results for the first fiscal quarter of 2014, reporting results that missed analyst expectations. The irrigation systems and infrastructure projects company posted revenue that dropped nearly 16% from $226.4M to $191.2M. The company's net loss widened from the year-ago $23.8M and $1.24 per share to $27.7M and $1.41 per share; revenue and earnings both fell short of analyst predictions. Layne's executive team intends to implement cost-savings initiatives that will help the company save between $12M and $29M over the course of the year, and will evaluate the future use of under-performing assets. The company's Water Resources, Geoconstruction, and Inliner segments all posted steady improvements but were offset by poor performance in the Mineral Services and Heavy Civil segments.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.