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Geospace Technologies Corporation Reports Profitable Second Quarter And Six-Month 2023 Earnings
HOUSTON--(BUSINESS WIRE)-- Geospace Technologies Corporation (NASDAQ: GEOS) (the “Company”) today announced results for its second quarter ended March 31,
About this update from Geospace Technologies Corporation
[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nGeospace Technologies Corporation (NASDAQ: GEOS) (the “Company”) today announced results for its second quarter ended March 31, 2023. For the three-months ended March 31, 2023, Geospace reported revenue of $31.4 million compared to revenue of $24.7 million for the comparable year-ago quarter. Net income for the three-months ended March 31, 2023 was $4.7 million, or $0.35 per diluted share, compared to a net loss of $1.5 million, or ($0.11) per diluted share, for the quarter ended March 31, 2022.\n\n\nFor the six-months ended March 31, 2023, Geospace reported revenue of $62.5 million compared to revenue of $42.7 million for the comparable year-ago period. Net income for the six-months ended March 31, 2023 was $4.5 million, or $0.35 per diluted share, compared to a net loss of $8.2 million, or ($0.64) per diluted share, for the six-months ended March 31, 2022.\n\n\nManagement’s Comments\n\n\nWalter R. (“Rick”) Wheeler, President and CEO of the Company said, “We’re delighted with the solid performance reflected in our second quarter results for fiscal year 2023. Revenue of $31.4 million represents the highest quarterly figure in almost 9 years, and the achievement of net income exceeding $4.6 million demonstrates our real commitment to profitability. Although net income includes a $1.3 million gain on the sale of our Langfield facility, most of the income came from profits on operations. The largest single contribution to both revenue and profits for the second quarter and first half of the fiscal year came from rentals of our OBX ocean bottom nodes. Our OBX customers report that projects requiring their ocean bottom seismic services have increased beyond pre-pandemic levels and will remain strong throughout the year. This translates to greater demand and utilization of our OBX rental fleet. We believe these improved market conditions are durable for the foreseeable future and should provide leverage for greater revenue and less volatility from our Oil & Gas segment.\n\n\nDriven by sales of our water meter cables and connectors, second quarter revenue from our Adjacent Markets segment set yet another quarterly record. Moreover, revenue generated by this segment in the first half of fiscal year 2023 represents the greatest figure ever achieved in any six-month period. It is rewarding to see such firm evi...