Layne Christensen Co., which offers drilling and construction services, said Tuesday its fiscal 2009 first-quarter profit rose 30 percent as higher revenue from each primary segment combined to set a record.
Net income for the three months ended April 30 climbed to $10.6 million, or 55 cents per share, from $8.2 million, or 52 cents per share, a year ago.
The company used a higher number of shares outstanding to calculate the recent quarter's earnings per share.
Revenue increased 21 percent to $244.5 million from $201.6 million.
Analysts polled by Thomson Financial expected, on average, earnings per share of 54 cents on revenue of $231.6 million.
Layne Christensen's acquisition of Tierdael and SolmeteX boosted water infrastructure segment revenue by about $13 million. Strong international results lifted the company's mineral exploration revenue, and higher natural gas prices boosted energy division revenue.
"Revenues were very strong in the first quarter across all primary divisions. The strength in minerals and natural gas prices helped carry earnings past prior year levels, said Andrew B. Schmitt, president and chief executive. "In our water infrastructure division, however, earnings were negatively impacted by heavy rains and snows in certain parts of the U.S."
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