For the second quarter Geospace Technologies reported earnings of 82 cents a share, missing the Capital IQ Consensus Estimate of $1.11 a share by 29 cents. Revenue fell -10.3% from the year-ago quarter to $68.55 million. Analysts expected revenue of $64.52 million for the quarter.
"Revenues and net income for the second quarter of our fiscal year saw respective reductions of 10% and 36% compared to the second quarter of last year," Geospace Technologies president and CEO Walter R. Wheeler said in a press release. "The lower quarterly revenues reflect reduced demand and deliveries for each of our product segments during the quarter. Lower product demand in our traditional and wireless product segments can be largely attributed to continued softness in the land seismic market, particularly in North America."
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TheStreet Ratings team rates GEOSPACE TECHNOLOGIES CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GEOSPACE TECHNOLOGIES CORP (GEOS) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."