EmailStory Stocks®
Archive
Last Update: 07-Dec-11 10:09 ET
Mitcham Up 22% on Yesterday's Earnings/Revenue Results
After the close yesterday, Mitcham (MIND $19.98 +3.64) reported a solid third quarter earnings beat on strong year/year revenue growth, which has the stock trading significantly higher in morning action.
Late yesterday, the company reported third quarter earnings of $0.52 per share, $0.26 better than the two analyst est of $0.26.
Revenues rose 40.0% year/year to $28 mln versus the $23.25 mln two analyst est.
Mitcham said, "Contributing to our third quarter performance was ongoing strong customer demand and increased utilization in Latin America, where the deployment of additional equipment early in the second quarter of the year has enabled us to take advantage of the growing demand in that region. We also experienced increased activity in the U.S., led by demand for improved, higher resolution 3D imaging in the more challenging shale plays, and from strong demand in certain international markets such as the Pacific Rim and North Africa. In addition, we achieved a record quarter in our marine equipment leasing business as we continued to experience strengthening demand and saw an increase in the duration of many marine equipment rentals."
Late yesterday, the company reported third quarter earnings of $0.52 per share, $0.26 better than the two analyst est of $0.26.
Revenues rose 40.0% year/year to $28 mln versus the $23.25 mln two analyst est.
Mitcham said, "Contributing to our third quarter performance was ongoing strong customer demand and increased utilization in Latin America, where the deployment of additional equipment early in the second quarter of the year has enabled us to take advantage of the growing demand in that region. We also experienced increased activity in the U.S., led by demand for improved, higher resolution 3D imaging in the more challenging shale plays, and from strong demand in certain international markets such as the Pacific Rim and North Africa. In addition, we achieved a record quarter in our marine equipment leasing business as we continued to experience strengthening demand and saw an increase in the duration of many marine equipment rentals."
