Mitcham Industries (MIND) - Zacks #1 Rank Top Performers

Mitcham Industries, Inc. (MIND) finished a mixed day in the market with a gain of 3.9%, which made it one of the top-performing Zacks #1 Rank companies. Volume was north of 375,000 shares, compared to the daily average of around 315,000.

MIND is a geophysical equipment supplier that offers new and "experienced" seismic equipment to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities.

In early December, the company reported a solid fiscal third-quarter performance that led to sharp gains in earnings estimates. The Zacks Consensus Estimate for this fiscal year, ending January 2012, has increased nearly 26% in 30 days to $1.76 per share.

As for next fiscal year, ending January 2013, the Zacks Consensus Estimate of $2.34 per share has moved higher by 16.4% in the past month. Analysts currently expect profit growth of around 33% for next fiscal year over this fiscal year.

The quarterly report that sparked this upward momentum included earnings per share of 52 cents, which bettered the Zacks Consensus Estimate by a cool 100%. Total revenue advanced 40% to $28 million from $20 million year over year.

MIND attributed the strong quarter to strong customer demand and increased utilization in Latin America. The company also enjoyed increased activity in the U.S. thanks to 3D imaging, along with strong demand in certain international markets like the Pacific Rim and North Africa.