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Core Laboratories (CLB) Q2 Earnings and Revenues in Line
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Oilfield services company Core Laboratories N.V.’s (CLB - Free Report) second-quarter 2016 adjusted diluted earnings of 35 cents per share came in line with the Zacks Consensus Estimate. The bottom line, however, was substantially below the year-ago quarter earnings of 82 cents per share. Reduced drilling activity levels, primarily in North America, affected the results.
Total quarterly revenue of $148.1 million also came in line with the Zacks Consensus Estimate but was nearly 27.4% below the prior-year quarter level of $203.9 million.
Segment Performance
Reservoir Description: Segment revenues were $102.9 million compared with $118.9 million in second-quarter 2015. Lower activity levels hampered the results.
Operating income (excluding foreign exchange losses) for the segment was about $19.2 million in the reported quarter. Operating margin for the quarter was around 19%.
Production Enhancement: Segment revenues were approximately $39.1 million in the reported quarter as against $70.6 million in second-quarter 2015. Reduced North American drilling activity hurt the results.
Operating income (excluding foreign exchange losses) for the segment was about $0.8 million in the reported quarter. Operating margin for the quarter stood at 2.5%.
Reservoir Management: Segment revenues of about $6 million plunged nearly 58.6% year over year.
Operating income (excluding foreign exchange losses) was $0.4 million. Operating margin for the quarter was about 8%.
As of Jun 30, 2016, Core Laboratories had cash and cash equivalents of $14.8 million. Capital expenditures for the second quarter were $5.3 million.
The company generated free cash flow of approximately $68.5 million in the first half of 2016.
Quarterly Dividend and Share Repurchase
On Apr 14, 2016, the company’s board of directors announced its third-quarter dividend. Core Laboratories will pay a cash dividend of 55 cents per share. This is same as the previous payout. The dividend will be paid on Aug 15 to shareholders on record as of Jul 18.
Guidance
For the third quarter, Core Laboratories expects earnings per share in the 39–41 cents range. The company expects third-quarter revenues to be in the $148–$151 million range.
Zacks Rank and Stocks to Consider
Currently, Core Laboratories holds a Zacks Rank #2 (Buy).
Other favorably placed players from the energy sector are Sasol Ltd. (SSL - Free Report) , Murphy USA Inc. (MUSA - Free Report) and Spectra Energy Corp. (SE - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
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Core Laboratories (CLB) Q2 Earnings and Revenues in Line
Oilfield services company Core Laboratories N.V.’s (CLB - Free Report) second-quarter 2016 adjusted diluted earnings of 35 cents per share came in line with the Zacks Consensus Estimate. The bottom line, however, was substantially below the year-ago quarter earnings of 82 cents per share. Reduced drilling activity levels, primarily in North America, affected the results.
Total quarterly revenue of $148.1 million also came in line with the Zacks Consensus Estimate but was nearly 27.4% below the prior-year quarter level of $203.9 million.
Segment Performance
Reservoir Description: Segment revenues were $102.9 million compared with $118.9 million in second-quarter 2015. Lower activity levels hampered the results.
Operating income (excluding foreign exchange losses) for the segment was about $19.2 million in the reported quarter. Operating margin for the quarter was around 19%.
Production Enhancement: Segment revenues were approximately $39.1 million in the reported quarter as against $70.6 million in second-quarter 2015. Reduced North American drilling activity hurt the results.
Operating income (excluding foreign exchange losses) for the segment was about $0.8 million in the reported quarter. Operating margin for the quarter stood at 2.5%.
Reservoir Management: Segment revenues of about $6 million plunged nearly 58.6% year over year.
Operating income (excluding foreign exchange losses) was $0.4 million. Operating margin for the quarter was about 8%.
CORE LABS NV Price, Consensus and EPS Surprise
CORE LABS NV Price, Consensus and EPS Surprise | CORE LABS NV Quote
Balance Sheet and Free Cash Flow
As of Jun 30, 2016, Core Laboratories had cash and cash equivalents of $14.8 million. Capital expenditures for the second quarter were $5.3 million.
The company generated free cash flow of approximately $68.5 million in the first half of 2016.
Quarterly Dividend and Share Repurchase
On Apr 14, 2016, the company’s board of directors announced its third-quarter dividend. Core Laboratories will pay a cash dividend of 55 cents per share. This is same as the previous payout. The dividend will be paid on Aug 15 to shareholders on record as of Jul 18.
Guidance
For the third quarter, Core Laboratories expects earnings per share in the 39–41 cents range. The company expects third-quarter revenues to be in the $148–$151 million range.
Zacks Rank and Stocks to Consider
Currently, Core Laboratories holds a Zacks Rank #2 (Buy).
Other favorably placed players from the energy sector are Sasol Ltd. (SSL - Free Report) , Murphy USA Inc. (MUSA - Free Report) and Spectra Energy Corp. (SE - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>