Layne Christensen posts 2Q loss but shares rise

Layne Christensen reports 2nd-quarter loss, but adjusted results beat street; shares climb

• On 11:43 am EDT, Thursday September 3, 2009

MISSION WOODS, Kan. (AP) -- Drilling and construction services provider Layne Christensen Co. reported a fiscal second-quarter net loss as natural gas prices remained weak, but its adjusted results beat analyst estimates.

Shares rose sharply in Thursday's trading.

After the market closed on Wednesday, the company posted a loss of $8.6 million, or 45 cents per share, compared with earnings of $15.1 million, or 78 cents per share, during the same period last year.

Excluding special items a write-down on reserves for 68 cents per share, adjusted earnings amounted to 23 cents per share in the latest quarter.

Analysts polled by Thomson Reuters estimated a profit of 14 cents per share. Analysts typically exclude one-time items from their estimates.

Revenue fell 19 percent to $217.2 million from $269.6 million. Analysts forecast revenue of $214.9 million.

Shares of the company rose $2.24, or 8.8 percent, to $27.62 in morning trading. The stock has ranged from $10.36 to $58 over the past year.