By Kailyn Rhone
MIND Technology shares surged after the company reported higher profit and more than double revenue in the third quarter.
The company's stock jumped 39% to $5.89 on Wednesday. For the year, shares are down 11%.
The Huntsville, Texas-based technology company on Tuesday posted a third- quarter net profit of $1.29 million, or $2.87 a share, compared with $568,000, or a loss of 27 cents a share, a year earlier.
The company's operating income swung to a profit of $1.29 million compared to a loss of $1.71 million in the year-ago quarter.
Revenue rose 143% to $12.1 million from $4.97 million a year ago, driven by substantial order deliveries in the quarter.
"We expect this trend to continue in future periods and have an active pipeline of pending orders and other prospects that total more than twice our backlog of orders received," said President and Chief Executive Rob Capps.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 11, 2024 14:34 ET (19:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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