Business
Geospace Technologies Corporation Reports Profitable Third Quarter and Nine-month 2023 Earnings
Q3 Produced Highest Quarterly Revenue Recorded in Nine Years HOUSTON--(BUSINESS WIRE)-- Geospace Technologies Corporation (NASDAQ: GEOS) (the “Company”)
About this update from Geospace Technologies Corporation
[{"type":"text","content":"\nQ3 Produced Highest Quarterly Revenue Recorded in Nine Years\n\n\n HOUSTON--(BUSINESS WIRE)--\nGeospace Technologies Corporation (NASDAQ: GEOS) (the “Company”) today announced results for its third quarter ended June 30, 2023. For the three-months ended June 30, 2023, Geospace reported revenue of $32.7 million, a 58% increase compared to revenue of $20.7 million for the comparable year-ago quarter. Net income for the three-months ended June 30, 2023 was $3.2 million, or $0.24 per diluted share, compared to a net loss of $6.6 million, or ($0.51) per diluted share, for the quarter ended June 30, 2022.\n\n\nFor the nine-months ended June 30, 2023, Geospace reported revenue of $95.2 million, a 50% increase compared to revenue of $63.4 million for the comparable year-ago period. Net income for the nine-months ended June 30, 2023 was $7.8 million, or $0.59 per diluted share, compared to a net loss of $14.8 million, or ($1.14) per diluted share, for the nine-months ended June 30, 2022.\n\n\nManagement’s Comments\n\n\nRick Wheeler, President, and Chief Executive Officer of Geospace Technologies said, “We’re very excited to see our third quarter performance further extend profitability for fiscal year 2023 by $0.24 per share. Moreover, total revenue for the quarter of $32.7 million represents the highest quarterly figure recorded in nine years. These results offer evidence of the intended positive impact our longstanding diversification efforts and recent cost control measures were designed to achieve.\n\n\nA combination of increased demand for our Oil and Gas segment products and continued growth in our Adjacent Markets segment fueled both third quarter and nine-month results. In the Oil and Gas segment, our rental fleet of OBX ocean bottom nodes is near full utilization, reliably collecting high-resolution seismic data for clients around the globe. This growing demand and our innovation in this product domain were the impetus leading to our recently announced $20 million contract with a major contractor for the rental of our new shallow water Mariner® nodal system. Under current market conditions, we believe demand for our Oil and Gas segment products will remain strong into fiscal year 2024.\n\n\nOur Adjacent Market segment had a notably great quarter, setting yet another record with the highest quarterly revenue figure ever reporte...