ION Geophysical Corp., which makes products to help energy companies look for oil and gas underground, on Monday backed its 2007 profit guidance, and predicted 2008 within range of Wall Street estimates.
ION, said that excluding a one-time charge of $2.9 million, or 3 cents per share, related to the conversion of $53 million in senior notes, it still expects to post a 2007 profit of 45 cents to 60 cents per share.
Analysts polled by Thomson Financial expect a profit of 52 cents per share for the year.
For 2008, ION said it expects to post a profit of 70 cents to 85 cents per share on $780 million to $830 million in revenue.
Analysts, on average, expect a 2008 profit of 82 cents per share on $812.6 million in revenue.
ION cited expectations of continued strong demand for its products through 2008.
ION shares fell 13 cents to close at $15.63.
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