ION Geophysical (NYSE: IO) reported earnings on May 2. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), ION Geophysical beat expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue grew significantly and GAAP earnings per share expanded.

Margins increased across the board.

Revenue details
ION Geophysical chalked up revenue of $111.7 million. The two analysts polled by S&P Capital IQ anticipated revenue of $104.7 million on the same basis. GAAP reported sales were 23% higher than the prior-year quarter's $90.6 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.05. The three earnings estimates compiled by S&P Capital IQ predicted $0.04 per share. GAAP EPS of $0.05 for Q1 were much higher than the prior-year quarter's $0.00 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 36.8%, 240 basis points better than the prior-year quarter. Operating margin was 10.4%, 370 basis points better than the prior-year quarter. Net margin was 7.7%, 720 basis points better than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $123.0 million. On the bottom line, the average EPS estimate is $0.07.

Next year's average estimate for revenue is $581.4 million. The average EPS estimate is $0.45.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 742 members out of 779 rating the stock outperform, and 37 members rating it underperform. Among 180 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 170 give ION Geophysical a green thumbs-up, and 10 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on ION Geophysical is outperform, with an average price target of $12.50.

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