ION Geophysical Corporation (NYSE:IO) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 6.25%.
ION Geophysical Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 80% to $0.01 in the quarter versus EPS of $0.05 in the year-earlier quarter.
Revenue: Rose 16.1% to $129.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: ION Geophysical Corporation reported adjusted EPS income of $0.01 per share. By that measure, the company missed the mean analyst estimate of $0.07. It beat the average revenue estimate of $120.2 million.
Quoting Management: Brian Hanson, the Company’s President and Chief Executive Officer, commented, “Our first quarter results were impacted by several one-off items that collectively reduced our earnings significantly. Nevertheless, our underlying growth trend and momentum continue and we remain confident in our full year outlook as we continue to build upon the momentum delivered in 2012.”
Key Stats (on next page)…