e Laboratories (CLB)2025-01-29 21:45Revenue Performance - Fourth quarter 2024 revenue was $129.2 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 $129,237 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 $121 million to $127 million, with operating income of $10.2 million to $12.8 million[22] Operating Income - Fourth quarter operating income was $14.2 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 $65.3 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 $58,556 thousand, up 7.2% from 2023[31] - GAAP reported operating income for Q4 2024 was $14,174 million, down from $19,803 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 $7,403 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 $11,814 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, 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 $43.4 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 $20,615 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 $11.7 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 $86.8 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 $16,643 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 $2,572 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 $239 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 $40.9 million and Average Total Invested Capital of $397.6 million[48]