Mitcham Industries Inc. (NASDAQ:MIND) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Mitcham Industries Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 23.81% to $0.48 in the quarter versus EPS of $0.63 in the year-earlier quarter.
Revenue: Decreased 21.17% to $27.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Mitcham Industries Inc. reported adjusted EPS income of $0.48 per share. By that measure, the company missed the mean analyst estimate of $0.49. It missed the average revenue estimate of $29.91 million.
Quoting Management: Bill Mitcham, President and CEO, stated, “Our first quarter transpired as we had anticipated and discussed in our last conference call. Despite some expected headwinds, our equipment leasing revenues were roughly flat with a year ago largely due to continued softness in land leasing activity in the United States, Latin America and Europe, as well as a temporary slowdown in marine leasing. These hurdles were partially offset by higher leasing revenues in Canada, Russia and the Pacific Rim. Going into this quarter, we thought Canada might be even stronger, with some additional working days, but those did not materialize as our Canadian winter season was mostly finished in early April.”
Key Stats (on next page)…
Revenue decreased 3.87% from $28.4 million in the previous quarter. EPS increased 84.62% from $0.26 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.17 to a profit $0.03. For the current year, the average estimate has moved down from a profit of $1.71 to a profit of $1.40 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)