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UPDATE 1-Layne Christensen Q2 profit beats Street
September 2, 2010 / 12:36 PM / 7 years ago

UPDATE 1-Layne Christensen Q2 profit beats Street

* Q2 EPS $0.33 vs est. EPS $0.28

* Revenue up 17 percent, beats estimates

Sept 2 (Reuters) - Drilling and construction services provider Layne Christensen (LAYN.O) reported a second-quarter profit above analyst estimates, helped by higher revenue at its two biggest segments -- water infrastructure and mineral exploration.

Net income for the quarter was $6.5 million, or 33 cents per share, compared with a net loss of $8.6 million, or 45 cents per share, last year.

Revenue rose 17 percent to $253.3 million. Revenue at water infrastructure rose 11 percent, helped by acquired operations and specialty drilling projects including work in Afghanistan.

Mineral exploration revenue was up 68 percent.

Analysts were looking for a profit of 28 cents per share, on revenue of $235.7 million, according to Thomson Reuters I/B/E/S.

Shares of the Mission Woods, Kansas-based company, valued at about $483 million, closed at $25.41 Wednesday on Nasdaq. (Reporting by Vaishnavi Bala in Bangalore; Editing by Aradhana Aravindan)

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