Layne Christensen 2Q income up on water projects

Layne Christensen Co., which provides drilling and construction services, said Thursday its second-quarter income jumped 58 percent, helped by more water projects and mineral exploration activity.

For the quarter ended July 31, the company recorded income of $15.1 million, or 78 cents per share, up from $9.6 million, or 60 cents per share, in the same quarter last year.

Revenue climbed 24 percent to $269.6 million from $217.8 million in the year-ago quarter.

The results surpassed Wall Street estimates. Analysts polled by Thomson Reuters expected earnings of 62 cents per share on revenue of $252.6 million.

Layne Christensen said revenue rose across three of its four segments. Revenue from water infrastructure, the company's biggest segment, rose 23 percent, helped in part by increases in water and wastewater treatment plant construction in the southeastern United States.

Revenue in its mineral exploration and energy segments rose by almost 30 percent each, as mineral exploration activity increased and natural gas prices remained high, the company said.