Geospace Technologies Corporation announced a net income of $8.4 million, or $0.65 per diluted share, for its first quarter ended December 31, 2024. This compares to a net income of $12.7 million, or $0.94 per diluted share, for the comparable year-ago quarter.
Total revenue for the quarter was $37.2 million, a decrease from $50.0 million in the prior-year period. This decline in consolidated revenue was largely attributed to the Energy Solutions segment, which reported $24.3 million in revenue, down 39% from $39.9 million in Q1 FY2024, due to a larger $30 million Mariner™ sale in the prior year's quarter.
The Smart Water segment demonstrated strong growth, with revenue increasing 72% to $7.3 million from $4.2 million in the same period last year. This growth was driven by higher demand for the company's Hydroconn® cable and connector products.
The Intelligent Industrial segment reported $5.6 million in revenue, a 4% decrease from the prior year, mainly due to lower demand for imaging products. The company also completed its $7 million stock repurchase program early in the second quarter of fiscal year 2025, acquiring approximately 716,000 shares at an average price of $9.72 per share.
As of December 31, 2024, Geospace maintained a strong balance sheet with $22.1 million in cash, cash equivalents, and short-term investments, and no outstanding borrowings under its $12 million bank credit agreement. Management anticipates a capital expenditure budget of $6 million for fiscal year 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.