ION Geophysical (IO) Prelim. Q3 Revenue Tops Consensus

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Go back to ION Geophysical (IO) Prelim. Q3 Revenue Tops Consensus

ION announces preliminary third quarter 2021 revenues of $44 - 45 million, an increase of ~125% sequentially, driven by 3D strategy

October 18, 2021 7:00 AM EDT

HOUSTON, Oct. 18, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that the Company expects third quarter 2021 revenues to be in the range of $44 - 45 million, an increase of approximately 125% sequentially and 175% from the third quarter 2020. In addition, the Company expects to report a significant sequential improvement in third quarter 2021 Adjusted EBITDA (a non-GAAP measure defined later in this release) in the range of $21 - $22 million. At quarter end, the Companys total liquidity improved to approximately $35 million, comprised of $24 million of cash (including net revolver borrowings of $19 million) and $11 million of... More