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UPDATE 2-Mitcham Industries' results miss Street, shares fall
June 5, 2012 / 8:57 PM / 6 years ago

UPDATE 2-Mitcham Industries' results miss Street, shares fall

* Delayed deliveries, rains impact sales

* Q1 EPS $0.63 vs est $0.83

* Q1 rev $34.6 mln vs est $38.2 mln

* Shares fall 9 pct after market

June 5 (Reuters) - Mitcham Industries Inc, which leases and sells seismic equipment to the oil and gas industry, reported quarterly results below analysts’ estimates for the second straight quarter, hurt by delayed deliveries.

Mitcham said first-quarter sales were also impacted by heavy rains in Colombia.

The company posted net income of $8.5 million, or 63 cents per share, well below the 83 cents per share analysts were expecting. It had a profit of $6.1 million, or 58 cents per share, in the year-ago quarter.

Revenue rose 31 percent to $34.6 million, but missed analysts’ estimate of $38.2 million, according to Thomson Reuters I/B/E/S.

Shares of the Huntsville, Texas-based company, which have fallen about 17 percent in last three months, dipped 9 percent in aftermarket trade on Tuesday. They had closed at $18.31 on the Nasdaq. (Reporting by Durba Ghosh in Bangalore; Editing by Sreejiraj Eluvangal)

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