Core Laboratories Inc. (NYSE:CLB) Q2 2024 Earnings Call July 25, 2024 8:30 AM ET Company Participants Larry Bruno - Chairman and Chief Executive Officer Chris Hill - Chief Financial Officer Gwen Gresham - Senior Vice President and Head, Investor Relations Conference Call Participants John Daniel - Daniel Energy Partners Stephen Gengaro - Stifel Operator Good day and welcome to the Core Laboratories Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note that today’s event is being ...

This quarterly report represents an earnings surprise of 4.76%. A quarter ago, it was expected that this energy services company would post earnings of $0.16 per share when it actually produced earnings of $0.19, delivering a surprise of 18.75%. Core Laboratories, which belongs to the Zacks Oil and Gas - Field Services industry, posted revenues of $130.58 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 1.33%. This compares to year-ago revenues of $127.88 million. The company ...

Financial Performance - Core Laboratories reported Q2 2024 revenue of $130.6 million, with operating income of $16 million and diluted EPS of $0.19[7]. - Operating income, excluding specific items, was $16.4 million, yielding operating margins of 13%, an increase of over 100 basis points sequentially[7]. - Revenue for the six months ended June 30, 2024, was $260.2 million, a 1.6% increase from $256.2 million in 2023[23]. - Operating income decreased by 3.2% to $24.6 million compared to $25.4 million in the previous year[23]. - Net income attributable to Core Laboratories Inc. was $12.3 million, down 51.4% from $25.2 million in 2023[23]. - Diluted earnings per share (EPS) fell to $0.26, a decrease of 50.9% from $0.53 in the same period last year[23]. - Revenue for the three months ended June 30, 2024, was $130,577 million, representing a 0.7% increase from Q1 2024 and a 2.1% increase from Q2 2023[43]. - Operating income increased by 86.8% to $16,008 million compared to $8,571 million in Q1 2024, but decreased by 15.3% from $18,906 million in Q2 2023[43]. - Net income for the period was $9,190 million, a 163.3% increase from $3,490 million in Q1 2024, but a 59.9% decrease from $22,929 million in Q2 2023[43]. - Diluted earnings per share attributable to Core Laboratories Inc. was $0.19, up 171.4% from $0.07 in Q1 2024, but down 60.4% from $0.48 in Q2 2023[43]. Segment Performance - The Reservoir Description segment generated $86.3 million in revenue, up 2% sequentially and 3% year-over-year, marking six consecutive quarters of growth[8]. - Production Enhancement operations reported Q2 2024 revenue of $44.3 million, flat year-over-year, with operating income of $4.4 million[10]. - Reservoir Description segment revenue increased by 4.2% to $170.5 million, while Production Enhancement revenue decreased by 3.2% to $89.7 million[23]. - The company projects third quarter 2024 revenue for Reservoir Description to range from $86.5 million to $89.5 million[37]. Cash Flow and Debt - Free cash flow for the second quarter of 2024 was $14.3 million, with net debt reduced by $15.8 million[28]. - Net cash provided by operating activities for the six months ended June 30, 2024, was $22,676 million, indicating robust cash flow generation capabilities[49]. - As of June 30, 2024, Core's net debt was $132.3 million, reduced by $15.8 million during the quarter, with a leverage ratio of 1.66[12]. Market Outlook - Core anticipates a soft market for U.S. onshore activity for the remainder of the year, but expects growth in international and offshore services to offset declines[16]. - Core Laboratories anticipates sustainable client activity growth in international upstream projects, driven by rising crude-oil demand[36]. Equity and Assets - Total assets as of June 30, 2024, were $597.8 million, an increase of 1.7% from the previous quarter[1]. - Total equity increased to $245.7 million, reflecting a 3.5% growth compared to the prior quarter[1]. Dividends and Tax - The company declared a cash dividend of $0.01 per share, payable on August 26, 2024[13]. - The effective tax rate for the third quarter 2024 guidance is assumed to be 20%[38]. - The effective tax rate for the period was 28%, compared to 32% in Q1 2024 and a negative 46% in Q2 2023[43]. Return on Investment - Return on Invested Capital (ROIC) as of June 30, 2024, was reported at 8.0%[26].

Core Laboratories Inc. (CLB) is set to release second-quarter earnings on Jul 24, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter is a profit of 22 cents per share on revenues of $133.34 million. Highlights of Q1 Earnings The Zacks Consensus Estimate for second-quarter 2024 earnings has witnessed an upward and a downward movement in the past 30 days. The estimated figure indicates a 4.76% year-over-year increase. The Zacks Consensus Estimate for revenues indicates an incr ...

Estimate Revisions Trend The consensus EPS estimate for the quarter has been revised 3.13% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ES ...

As of Mar 31, 2024, Core Laboratories had cash and cash equivalents of $14.9 million and long-term debt of $160.4 million. The company's debt-to-capitalization was 40.3%. A month has gone by since the last earnings report for Core Laboratories (CLB) . Shares have added about 6.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Core Laboratories due for a pullback? Before we dive into how investors and analysts have reacted ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ______________ Commission File Number: 001-41695 6316 Windfern Road Houston, TX 77040 (Address of principal executive offices) (Zip Code) Securities ...

Core Laboratories Inc. (NYSE:CLB) Q1 2024 Earnings Conference Call April 25, 2024 8:30 AM ET Company Participants Larry Bruno - Chairman of the Board, President & Chief Executive Officer Gwen Gresham - Senior Vice President & Head, Investor Relations Chris Hill - Chief Financial Officer Conference Call Participants Stephen Gengaro - Stifel Operator Good morning and welcome to the Core Lab Quarter One 2024 earnings call. All participants will be in listen-only mode. [Operator Instructions] Please note this e ...

Core Laboratories (CLB) reported first-quarter 2024 adjusted earnings of 19 cents per share, which beat the Zacks Consensus Estimate of 16 cents. This can be attributed to better-than-expected performance from the Reservoir Description segment. The bottom line was in line with the year-ago quarter’s reported figure.However, this oilfield service provider’s operating revenues of $129.6 million beat the Zacks Consensus Estimate of $124 million by 4.5%. The top line increased 0.9% from the year-ago quarter’s l ...

Exhibit 99.1 FOR IMMEDIATE RELEASE CORE LAB REPORTS FIRST QUARTER 2024 RESULTS: • FIRST QUARTER REVENUE OF $129.6 MILLION, UP MODESTLY SEQUENTIALLY AND YEAROVER-YEAR • FIRST QUARTER OPERATING INCOME OF $8.6 MILLION; EX-ITEMS, $14.9 MILLION, FLAT SEQUENTIALLY, UP 3% YEAR-OVER-YEAR • FIRST QUARTER OPERATING MARGINS, EX-ITEMS, OF 12% • FIRST QUARTER GAAP EPS OF $0.07; EX-ITEMS, $0.19, FLAT SEQUENTIALLY AND YEAR-OVERYEAR • FIRST QUARTER FREE CASH FLOW OF $2.5 MILLION • COMPANY ANNOUNCES Q2 2024 QUARTERLY DIVIDE ...