Geospace Tech falls as 4Q results miss Street view
NEW YORK (AP) — Shares of Geospace Technologies tumbled more than 10 percent on Wednesday after the company's fiscal fourth-quarter performance missed Wall Street's view.
THE SPARK: Geospace, a maker of instruments and equipment used by the oil and gas industry, reported late Tuesday that its earnings rose to $4.3 million, or 33 cents per share, from $3.6 million, or 28 cents per share, in the prior-year period. Revenue for the three months ended Sept. 30 rose to $36.9 million from $32.8 million.
Analysts surveyed by FactSet expected earnings of 60 cents per share on revenue of $46.5 million.
The company, which also makes industrial products, offshore cables and other items, changed its name from OYO Geospace in September.
SHARE ACTION: Geospace Technologies Corp.'s stock dropped $3.81, or 4.84 percent, to $76.11 in morning trading after trading as low as $70.06 earlier in the session. The shares had peaked for the past year on Tuesday at $80.33. They traded as low as $35 almost a year ago.