Geospace Technologies (NASDAQ:GEOS) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 10.9%.
Geospace Technologies Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 55.95% to $1.31 in the quarter versus EPS of $0.84 in the year-earlier quarter.
Revenue: Rose 41.49% to $78.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Geospace Technologies reported adjusted EPS income of $1.31 per share. By that measure, the company beat the mean analyst estimate of $1.17. It beat the average revenue estimate of $62.43 million.
Quoting Management: “Net income for the third quarter ended June 30, 2013 was the second highest in our company’s history, with revenues and net income up 42% and 58%, respectively, from last year’s third quarter. When compared to the fiscal year 2013 second quarter’s results, the third quarter’s consolidated revenues and net income were only marginally improved. The third quarter’s results reflected a substantially larger revenue contribution from the Statoil permanent reservoir monitoring system than originally anticipated. The larger revenue contribution resulted from our ability to increase production output on the Statoil project, which was partially due to our completion of the Shell permanent reservoir monitoring system in the second quarter. When compared to the second quarter, the larger Statoil revenue contribution was partially offset by a decrease in demand for our traditional products due to slower worldwide seismic activity,” said Gary D. Owens, Geospace’s Chairman, President and CEO.
Key Stats (on next page)…