Stock Alert: ION Geophysical Skyrockets

(RTTNews) - Shares of ION Geophysical Corp. (IO), a provider of services for seismic data acquisition and processing, are surging more than 97 percent or $1.63 in Thursday's morning trade at $3.30 after reporting upbeat first-quarter results.

Wednesday, the company reported net loss for the first quarter narrowed to $2.3 million, or $0.16 per share from $21.4 million or $1.52 per share in the year-ago period. Adjusted earnings for the quarter were $0.33 per share, compared to adjusted net loss of $1.20 per share in the prior-year quarter. Total net revenues grew 53 percent to $56.4 million from $37.0 million a year ago. The company noted that it recorded the highest first-quarter revenues and operating income since 2014.

ION Geophysical also said it received $6.9 million of government relief in April. The company expects the sale of its 49 percent share in the non-strategic INOVA land seismic equipment joint venture with BGP to deliver an additional $12 million liquidity boost in the second half of the year.