Seeking Alpha

ION Geophysical opens +21% on Q4 upside surprises

  • Shares of ION Geophysical (IO +20.9%) soar at the open after the oil and gas technology provider reported a surprise jump in Q4 earnings and revenue, a reversal from earlier in 2013 when most of ION's top and bottom line disappointed investors.
  • ION posted broad growth, with total net revenue jumping 26% to $218.7M, helped by stronger service demand particularly in areas offshore Africa, India and the Gulf of Mexico.
  • Gross margin widened to 47% from 42%.
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