Workflow
e Laboratories (CLB) - 2024 Q4 - Annual Results
CLBe Laboratories (CLB)2025-01-29 21:45

Revenue Performance - Fourth quarter 2024 revenue was 129.2million,down4129.2 million, down 4% sequentially but up slightly year-over-year[3] - Full year 2024 revenue reached 523.8 million, representing a 3% increase compared to 2023[3] - Revenue for Q4 2024 was 129,237thousand,adecreaseof3.8129,237 thousand, a decrease of 3.8% from Q3 2024 but an increase of 0.8% compared to Q4 2023[29] - Total revenue for the year ended December 31, 2024, was 523,848 thousand, an increase of 2.8% compared to 2023[31] - First quarter 2025 revenue is projected to range from 121millionto121 million to 127 million, with operating income of 10.2millionto10.2 million to 12.8 million[22] Operating Income - Fourth quarter operating income was 14.2million;exitems,itwas14.2 million; ex-items, it was 15.7 million, down 14% sequentially but up 4% year-over-year[3] - Full year operating income, ex-items, was 65.3million,withincrementalmarginsof2965.3 million, with incremental margins of 29%[1] - Operating income for Q4 2024 was 14,174 thousand, down 28.4% from Q3 2024 and down 2.8% from Q4 2023[29] - Operating income for the year ended December 31, 2024, was 58,556thousand,up7.258,556 thousand, up 7.2% from 2023[31] - GAAP reported operating income for Q4 2024 was 14,174 million, down from 19,803millioninQ32024andupfrom19,803 million in Q3 2024 and up from 14,581 million in Q4 2023[39] Net Income - Net income attributable to Core Laboratories Inc. for Q4 2024 was 7,403thousand,adecreaseof37.07,403 thousand, a decrease of 37.0% from Q3 2024 but an increase of 236.7% compared to Q4 2023[29] - Excluding specific items, net income for Q4 2024 was 10,396 million, compared to 11,814millioninQ32024and11,814 million in Q3 2024 and 8,909 million in Q4 2023[39] - The year ended December 31, 2024, saw a GAAP reported earnings per share of 0.66,withspecificitemsimpactingtheresultsthroughouttheyear[40]CashFlowFourthquarterfreecashflowwas0.66, with specific items impacting the results throughout the year[40] Cash Flow - Fourth quarter free cash flow was 16.2 million, up over 50% sequentially[3] - Full year free cash flow totaled 43.4million,anincreaseofover20043.4 million, an increase of over 200% compared to 2023[11] - Free cash flow for Q4 2024 was 16,234 million, with net cash provided by operating activities at 20,615millionandcapitalexpendituresof20,615 million and capital expenditures of 4,381 million[52] Debt and Leverage - The debt leverage ratio was reduced to 1.31, the lowest in over eight years, with net debt decreased by 11.7millionduringthequarter[4]Longtermdebt,net,decreasedto11.7 million during the quarter[4] - Long-term debt, net, decreased to 126,111 thousand, down 9.8% from Q3 2024 and down 22.7% from Q4 2023[33] Segment Performance - Reservoir Description segment revenue for Q4 2024 was 86.8million,down286.8 million, down 2% sequentially but up 3% year-over-year[5] - Production Enhancement segment revenue for Q4 2024 was 42.4 million, down 7% sequentially and 3% year-over-year[7] - Operating income for the Reservoir segment in Q4 2024 was 16,643million,whiletheProductionEnhancementsegmentreportedanoperatinglossof16,643 million, while the Production Enhancement segment reported an operating loss of 2,597 million[46] Tax and Other Items - The effective tax rate for the year ended December 31, 2024, was 30%, significantly higher than 10% in 2023[31] - The company recognized a gain on insurance recovery of 2,572millionrelatedtoafireincidentinoneofitsU.K.facilities[43]ForeignExchangeThecompanyexperiencedforeignexchangegainsof2,572 million related to a fire incident in one of its U.K. facilities[43] Foreign Exchange - The company experienced foreign exchange gains of 761 million in Q4 2024, compared to losses of 239millioninQ32024andgainsof239 million in Q3 2024 and gains of 468 million in Q4 2023[39] Return on Investment - Return on Invested Capital (ROIC) for the company was 10.3%, calculated from a Net Operating Profit After Tax (NOPAT) of 40.9millionandAverageTotalInvestedCapitalof40.9 million and Average Total Invested Capital of 397.6 million[48]