Core Laboratories Projects Q4 Revenue of $128.5 Million to $134.5 Million

Core Laboratories projected fourth-quarter revenue of $128.5 million to $134.5 million, with conflict-related project delays and logistics disruptions continuing to affect its Reservoir Description business. The company expects earnings per share of $0.12 to $0.20, with revenue relatively flat from the third quarter.

Third-quarter revenue was $132.1 million, up 6% from the previous quarter and down 2% from a year earlier. Adjusted EBIT was $12.6 million, with a margin of about 10%. Adjusted diluted earnings per share was $0.16, and free cash flow was $1.7 million.

Chairman of the Board, CEO, President and COO Lawrence Bruno said operational performance improved from the second quarter, with higher revenue, operating income, operating margins and earnings per share.

Management also described an emerging global increase in client capital spending focused on long-cycle projects. Smaller private operators have led demand for U.S. Production Enhancement services, while larger operators are expected to keep spending within their current budgets.