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Jun 30, 2024
Geospace Q3 2024 Earnings Report
Geospace reported a net loss due to decreased revenue in the Oil & Gas segment, offset by record revenue in the Adjacent Markets segment, and announced a leadership transition plan.
Key Takeaways
Geospace Technologies reported a net loss of $2.1 million for the third quarter of 2024, with revenue of $25.9 million. The Oil & Gas Markets segment was negatively impacted by gaps in OBX rental contracts, while the Adjacent Markets segment achieved record revenue. The company is also progressing with its stock repurchase program and announced a leadership transition plan.
Geospace Technologies reported a net loss of $2.1 million, or ($0.16) per diluted share, for Q3 2024.
Revenue for Q3 2024 was $25.9 million, compared to $32.7 million in the same quarter last year.
Adjacent Markets segment achieved record revenue of $16.0 million for Q3 2024.
The company's Board of Directors elected Richard J. Kelley as the new President and CEO, effective October 1, 2024.
Geospace
Geospace
Forward Guidance
Geospace anticipates capital expenditures of $5 million in the fourth quarter of fiscal year 2024, including $3.5 million for additions to its rental equipment.