Mitcham Industries, Inc. (MIND), a lessor of seismic equipments, on Wednesday reported a decline in profit in its third quarter, reflecting lower revenues and higher sales costs from the year-ago period. The company's earnings as well as its revenues fared below analysts' estimates.
Net income for the third quarter was $3.4 million or $0.26 per share, compared to of $10.1 million or $0.77 per share in the prior year quarter.
On average, 4 analysts polled by Thomson Reuters expected the company to earn $0.40 per share for the third quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter fell to $28.40 million from $38.73 million in the same quarter last year, affected by a decline in revenues from Equipment leasing, which slid to $11.6 million, from $23.7 million in the same period a year ago, echoing lower land leasing activity in the United States, Latin America and Europe, said Mitcham in a statement.
On average, three analysts had a consensus revenue estimate of $29.58 million for the third quarter.
On Wednesday, Mitcham Industries closed its regular trading session at $16.43 on the NASDAQ.
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