Dawson Geophysical Misses Estimates (DWSN)

Dawson Geophysical Company DWSN released financial results on Wednesday morning that missed Wall Street estimates. Dawson Geophysical Company announced that its 4th quarter net loss narrowed to $1.4 million, or 18 cents per share, from a net loss of $2.1 million, or 26 cents per share, a year earlier. The company's revenue climbed to $59.18 million, up from $46.84 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 6 cents per share, on revenue of $66.94 million. President and CEO Stephen Jumper said, "While we continue to show year-over-year quarterly improvement in our financial and operational performances, we are somewhat disappointed with our fourth quarter results. Wet conditions in July along with several unavoidable and unforeseen crew delays negatively impacted utilization rates and our top line. Despite these issues, our crews continue to perform at a high level and demand for our services continues to increase at a modest rate. Although the seismic data acquisition market in the lower 48 states remains very competitive, the increase in activity by our clients, particularly those operating in oil basins, gives us great encouragement as we move into fiscal 2011." Dawson Geophysical Company (DWSN) finished the previous trading day at $25.94 per share. The consensus price target of analysts covering the company's stock is $32.00 per share. Read more from Benzinga's Company news.