Layne Christensen (NASDAQ:LAYN) reported Q1 EPS of $0.19, missing estimates of $0.26.
Revenues in the quarter came in at $276.5 million, beating estimates of $261.7 million.
President and CEO of Layne Rene Robichaud said, "We underperformed this quarter due mostly to continuing economic difficulties affecting our four Water Infrastructure divisions and Layne Energy. Heavy Civil had its worst quarter as old pricing and execution issues dealt us a harsh setback. We continue to substantially reshape the business by reducing overhead and realigning resources to improve operating efficiency. We feel that the worst is behind us at Heavy Civil, but some losses for the balance of the year are expected. Overall, we expect to see much better financial performance throughout the organization for the balance of FY 2013."