Geospace Q1 revenue $50M (+60% YoY), net income $12.7M vs loss; Mariner sale drove results

GEOSPACE TECHNOLOGIES CORP

2024-Q1 EPS reported $0.94 revenue$50,032,000

Revenue $50.0M, highest in nearly ten years, up 60% from $31.1M a year ago.
Net income $12.7M ($0.94 diluted EPS) vs net loss of $0.1M ($0.01 loss) in Q1 FY2023.
Oil & Gas segment revenue $39.9M (+98% YoY) driven by $30M purchase of Mariner ocean bottom node.
Adjacent Markets segment $9.8M (-9% YoY); Emerging Markets $0.2M with $1.8M backlog.
Cash and equivalents $34.0M; no borrowings; capital expenditure budget $7.0M for FY2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GEOSPACE TECHNOLOGIES CORP reported first quarter ended December 31, 2023 results: revenue $50.0 million, net income $12.7 million, EPS $0.94 per diluted share.

Period: first quarter ended December 31, 2023
Revenue: $50.0 million
Net income: $12.7 million
EPS: $0.94 per diluted share
Result: reported results

Exact text from the filing

For the three-months ended December 31, 2023, Geospace reported revenue of $50.0 million, a 60% increase compared to revenue of $31.1 million for the comparable year-ago quarter. Net income for the three-months ended December 31, 2023 was $12.7 million, or $0.94 per diluted share, compared to a net loss of $0.1 million, or ($0.01) per diluted share, for the quarter ended December 31, 2022.

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Source: SEC EDGAR

accession 0001437749-24-003391

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