e Laboratories (US:CLB)2024-10-23 20:31Revenue and Income - Third quarter 2024 revenue was $134.4 million, up 3% sequentially and over 7% year-over-year[1] - Revenue for Q3 2024 was $134,397,000, representing a 2.9% increase from Q2 2024 and a 7.2% increase from Q3 2023[19] - Operating income for the third quarter was $19.8 million, with ex-items operating income of $18.2 million, up 11% sequentially and 14% year-over-year[1] - Operating income for Q3 2024 reached $19,803,000, a 23.7% increase from Q2 2024 and a 35.0% increase from Q3 2023[19] - Net income attributable to Core Laboratories Inc. was $11,745,000 for Q3 2024, reflecting a 30.0% increase compared to Q3 2023[19] - Operating income for the nine months ended September 30, 2024, was $44,382,000, a 10.8% increase from $40,059,000 in 2023[20] - Net income for the nine months ended September 30, 2024, was $24,684,000, a decrease of 28.7% from $34,591,000 in 2023[22] Cash Flow and Expenditures - Free cash flow for the third quarter was $10.4 million, with cash from operations at $13.1 million and capital expenditures at $2.7 million[9] - Net cash provided by operating activities increased significantly to $35,773,000 from $5,360,000 year-over-year[22] - Free cash flow for the nine months ended September 30, 2024, was $27,126,000, compared to $0 for the same period in 2023[30] - Capital expenditures for the nine months ended September 30, 2024, were $8,647,000, up from $7,843,000 in 2023[22] Debt and Financial Ratios - The company reduced net debt by $11.8 million, achieving a debt leverage ratio of 1.47, the lowest in over six years[2] - Long-term debt decreased to $139,872,000, down 5.2% from $147,621,000 in Q2 2024[21] - The company reported a significant reduction in long-term debt repayment to $62,000,000 from $184,000,000 year-over-year[22] - The company's return on invested capital (ROIC) as of September 30, 2024, was 8.6%[12] - The company reported a return on invested capital (ROIC) of 8.6%, calculated from a net operating profit after tax (NOPAT) of $34.9 million[28] Segment Performance - Reservoir Description segment revenue was $88.8 million, up 3% sequentially and over 4% year-over-year, with operating margins of over 17%[3] - Production Enhancement segment revenue was $45.6 million, up 3% sequentially and over 13% year-over-year, with operating margins of 6%[6] - Fourth quarter 2024 revenue guidance for Reservoir Description is projected to range from $87.5 million to $90.5 million[15] - Fourth quarter 2024 revenue guidance for Production Enhancement is estimated to range from $41 million to $45 million[15] Assets and Cash Position - Cash and cash equivalents increased to $21,474,000 as of September 30, 2024, up 21.4% from $17,695,000 in Q2 2024[21] - Total assets as of September 30, 2024, were $600,466,000, a 0.4% increase from $597,799,000 in Q2 2024[21] - Total cash and cash equivalents at the end of the period increased to $21,474,000 from $16,616,000 in the prior year[22] Earnings Per Share and Tax Rate - Diluted earnings per share for Q3 2024 were $0.25, a 31.6% increase from $0.19 in Q3 2023[19] - The diluted earnings per share attributable to Core Laboratories Inc. for the three months ended September 30, 2024, was $0.25, consistent with the previous quarter[25] - Effective tax rate for Q3 2024 was 28%, compared to 20% in Q3 2023[19] Future Outlook - Core anticipates continued growth in international project activity, with crude-oil demand expected to rise between 1.0 and 1.6 million barrels per day for 2025[13]