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ION Geophysical nearly doubles 3Q profit
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HOUSTON - ION Geophysical Corp., a provider of seismic data to oil and gas companies, nearly doubled its third-quarter profit and beat Wall Street's estimates on strong growth in revenue and gross margins, the company said Tuesday.
Net income rose almost 98 percent to $24.9 million, or 25 cents per share, compared with $12.6 million, or 14 cents per share, for the same quarter a year ago.
Revenue rose 26 percent to $218.5 million from $173.6 million.
Excluding one-time charges, including costs associated with Hurricane Ike, the company said it earned 27 cents per share.
Analysts polled by Thomson Reuters anticipated 22 cents per share, on average.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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