Layne Christensen Blames Weak Commodity Prices On Wider Loss

Layne Christensen expects a much deeper fourth-quarter loss due to the ongoing decline in commodity prices, the company reported late Monday. The water management, construction and drilling company now anticipates a quarterly loss per share between $1.10 and $1.25 a share, compared with a loss of between 60 cents and 65 cents originally forecast in December. The company said about half of the anticipated loss is due to non-cash expenses that were not considered previously. Losses will be greater than expected in its mineral services and heavy civil segments. The company also said that the restructuring, which includes the sale of non-core assets, remains ongoing. Its shares were inactive in after-hours trade after closing up 4% to $6.76 on Monday.