Geospace Technologies Corp Earnings: Everything You Must Know Now
Geospace Technologies Corporation (NASDAQ:GEOS) 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.
Geospace Technologies Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 46.07% to $1.30 in the quarter versus EPS of $0.89 in the year-earlier quarter.
Revenue: Rose 35.91% to $76.42 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Geospace Technologies Corporation reported adjusted EPS income of $1.30 per share. By that measure, the company missed the mean analyst estimate of $1.70. It missed the average revenue estimate of $86.21 million.
Quoting Management: “The quarter ended March 31, 2013 was the second most profitable quarter in our company’s history, with revenues and net income up 36% and 48%, respectively, from last year’s second quarter. While we are pleased with our performance, these quarterly results were affected by a decrease in our wireless product revenues which declined from $21.5 million in last year’s second quarter to $15.7 million for the quarter ended March 31, 2013. Rentals of our wireless products during the second quarter ended March 31, 2013 increased over the prior year. As we have stated many times, orders and deliveries of our products can be inconsistent from quarter-to-quarter and this was especially true for our first and second quarters of fiscal year 2013. We are actively quoting new sales and rentals of our wireless products and we believe that customer interest in these products remains high. However, due to the unpredictability of the timing of such orders and our inability to control delivery terms, we expect sales of our wireless products to continue to be lumpy in future quarters,” said Gary D. Owens, Geospace Technologies’ Chairman, President and CEO.
Key Stats (on next page)…