Global Geophysical Services Earnings: Here’s Why Investors are Not Excited Now
Global Geophysical Services, Inc. (NYSE:GGS) had a loss 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. Shares are down 12.41%.
Global Geophysical Services, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.76 in the quarter versus EPS of $0.04 in the year-earlier quarter.
Revenue: Decreased 51.1% to $55.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Global Geophysical Services, Inc. reported adjusted EPS loss of $0.76 per share. By that measure, the company missed the mean analyst estimate of $0.13. It missed the average revenue estimate of $95.94 million.
Quoting Management: “Global’s fourth quarter results were a disappointment as execution issues in certain programs and delays in library late sale closures impacted the top line. Since joining the company four months ago, we have started and are continuing to make a number of changes to address the issues contributing to the fourth quarter’s performance. We expect those changes to result in improved operating performance starting in the second half of 2013,” commented Richard White, President and Chief Executive Officer.
Key Stats (on next page)…