Financial Performance - Core Laboratories reported Q2 2024 revenue of 130.6million,withoperatingincomeof16 million and diluted EPS of 0.19[7].−Operatingincome,excludingspecificitems,was16.4 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 260.2million,a1.6256.2 million in 2023[23]. - Operating income decreased by 3.2% to 24.6millioncomparedto25.4 million in the previous year[23]. - Net income attributable to Core Laboratories Inc. was 12.3million,down51.425.2 million in 2023[23]. - Diluted earnings per share (EPS) fell to 0.26,adecreaseof50.90.53 in the same period last year[23]. - Revenue for the three months ended June 30, 2024, was 130,577million,representinga0.716,008 million compared to 8,571millioninQ12024,butdecreasedby15.318,906 million in Q2 2023[43]. - Net income for the period was 9,190million,a163.33,490 million in Q1 2024, but a 59.9% decrease from 22,929millioninQ22023[43].−DilutedearningspershareattributabletoCoreLaboratoriesInc.was0.19, up 171.4% from 0.07inQ12024,butdown60.40.48 in Q2 2023[43]. Segment Performance - The Reservoir Description segment generated 86.3millioninrevenue,up244.3 million, flat year-over-year, with operating income of 4.4million[10].−ReservoirDescriptionsegmentrevenueincreasedby4.2170.5 million, while Production Enhancement revenue decreased by 3.2% to 89.7million[23].−Thecompanyprojectsthirdquarter2024revenueforReservoirDescriptiontorangefrom86.5 million to 89.5million[37].CashFlowandDebt−Freecashflowforthesecondquarterof2024was14.3 million, with net debt reduced by 15.8million[28].−NetcashprovidedbyoperatingactivitiesforthesixmonthsendedJune30,2024,was22,676 million, indicating robust cash flow generation capabilities[49]. - As of June 30, 2024, Core's net debt was 132.3million,reducedby15.8 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 597.8million,anincreaseof1.7245.7 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].
e Laboratories (CLB)2024-07-24 20:37