Core Laboratories reports Q4 EPS 19c, consensus 19c

Reports Q4 revenue $128.2M, consensus $127.8M. Core’s CEO, Larry Bruno stated, “Our fourth quarter and full year financial results delivered modest revenue growth, highlighted by continued strong global demand for our Reservoir Description laboratory services. Additionally, demand for international energetic system product sales and completion diagnostics improved quarter-over-quarter. Reservoir Description experienced sequential growth in several geographic regions; however, that was partially offset by geopolitical events in the Middle East, as hydrocarbon trading patterns and the associated demand for crude oil and derived product assay work were disrupted. In 2023, we experienced growth in committed work volumes across our Reservoir Description laboratory network. In particular, Core’s investments to expand capabilities in the Middle East and Latin American markets prior to the global pandemic are now coming to fruition, as long-delayed client analytical projects progress into the early stages of execution. We expect that these prior investments in international growth opportunities will generate superior, long-term incremental margins. Aligned with our stated strategy, Core Lab reduced debt by $15 million in the fourth quarter of 2023, amounting to the elimination of more than 8% of the Company’s total outstanding debt as of September 30, 2023. Core remains diligently focused on its strategic business priorities which include further reduction of debt and strengthening the balance sheet, while at the same time working to increase our return on invested capital, which improved for the sixth consecutive quarter.”