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What: Shares of ION Geophysical
So what: Revenue grew 23% to $90.6 million and net income was $8.2 million, or $0.05 per share. Both results beat expectations, driven by a 53% increase in system segment sales.
Now what: Management is also upbeat about the outlook for 2012 and is investing heavily in the business. Despite the growth, shares are trading at just over 10 times forward earnings estimates. I think shares have further to run with the company reporting strong revenue growth and the industry as a whole expanding explorations for energy.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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