UPDATE: Layne Christensen Q1 Net Profit Down 72%

Layne Christensen Co

reported a drop in its first-quarter profit. Layne Christensen's quarterly profit declined to $3.7 million, or $0.19 per share, versus $13.1 million, or $0.66 per share, in the year-ago period. Its revenue gained 3.4% to $276.5 million. Analysts were expecting earnings of $0.27 per share on revenue of $265.3 million. Layne Christensen shares closed at $18.60 yesterday.