What a mess the energy service sector is today. Oil and gas prices are fairly healthy, but investors looking at leading names like Halliburton (NYSE:HAL) and Schlumberger (NYSE:SLB) aren't going to see a lot of market enthusiasm. That's likewise true among more specialized players like Core Laboratories (NYSE:CLB), Dawson Geophysical (Nasdaq:DWSN) or ION Geophysical (NYSE:IO). All that being said, tiny Mitcham Industries (Nasdaq:MIND) produced rather remarkable third quarter results and could continue to benefit from a rising tide of overseas exploration activity.
Thriving In Obscurity
Mitcham is barely covered, so any discussion of outperforming earnings estimates has to be considered in that context. Still, the company posted 40% revenue growth in the third quarter, with revenue from equipment leasing more than doubling. For the quarter, the company garnered about 71% of its revenue from outside the U.S.
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