Layne Christensen's (NASDAQ: LAYN) first-quarter net loss widened to $27.7 million, or a loss of $1.41 per share from $23.8 million ($1.22 per share a year earlier), as the company announced new cost-cutting and a strategic review of under-performing assets.
Analysts expected a loss of $0.36 per share.
Revenue for the water infrastructure and mining construction company fell 15.5 percent to $191.2 million, from $226.4 million in the same period last year.
Profits and higher revenue at Inliner, Water Resources and Geoconstruction were offset by losses at Heavy Civil and Mineral Services.
The company said it would take new measures expected to save $12 million to $29 million annually through cost containment, working capital management and a review of under-performing assets and operations.
CEO Rene J. Robichaud said the water sourcing and transfer business should reach annual revenue of $20 million by the third quarter of 2015 and the company is pursing $200 million of projects expected to start during the next year.
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