Mind Blowing Numbers From Seismic Equipment Maker
Mitcham Industries or MIND supplies rental or new seismic equipment to the oil and gas industry, seismic contractors, government agencies and universities. It also manufactures specialized seismic equipment through its Seamap brand. Have never heard of this company before, but I was just blown away by the results reported after hours today. MIND reported earnings of $.52 versus and estimate of only $.22. It also reported 40% revenue growth to a record of $28M. Beating estimates by 150% is very impressive. The other impressive number was that leasing revenue jumped 116%. Not being familiar with this sector I can't provide much in the way of opinion other than the stock is benefitting from the boom in demand for higher resolution 3D imaging in the shale plays and increased utilization in Latin America. Is this just the start for MIND? Does it have a recently developed competitive advantage? Don't know, but would love to hear from any readers. Details on the quarter: ...