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Core Laboratories (CLB) Q4 Earnings Beat, Revenues Miss
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Core Laboratories (CLB - Free Report) reported fourth-quarter 2022 results, wherein earnings of 20 cents per share beat the Zacks Consensus Estimate of 19 cents and came in line with the year-ago profit. This could be attributed to the Production Enhancement segment’s better-than-expected performance.
However, this oilfield service provider’s revenues of $127.6 million missed the Zacks Consensus Estimate of $130 million due to underperformance from both segments, though the top line rose 2% from the year-ago quarter’s revenues of $125.1 million.
Core Labs’ (CLB - Free Report) revenues for the first quarter of 2023 are anticipated in the $125-$129 million range, while the operating income is estimated in the $11.5-$14.5 million band.
Core Laboratories N.V. Price, Consensus and EPS Surprise
Reservoir Description: Revenues of this segment were recorded at $78.1 million, which missed the Zacks Consensus Estimate of $80 million. Moreover, the operating income decreased from $7.2 million in the year-ago period to $6.8 million and also missed the Zacks Consensus Estimate of $7.8 million, mainly due to weak demand for laboratory services.
Production Enhancement: Revenues of $49.4 million compared favourably with the year-ago quarter’s $45 million, indicating a year-over-year increase of 9.8%. However, the same underperformed the Zacks Consensus Estimate of $49.85 million.
Moreover, the segmental operating income of $7.9 million in the quarter outperformed the Zacks Consensus Estimate of $5.2 million, as the company continued building on its sophisticated and reliable solutions. In the year-ago period, CLB reported an operating income of $7 million.
Financials and Dividends
As of Dec 31, 2022, Core Labs had cash and cash equivalents worth $15.4 million and long-term debt of $172.4 million. The company’s debt-to-capitalization ratio was 47.8%.
CLB generated $13.2 million of operating cash in the reported quarter. Its capital expenditure totalled $2 million.
Core Labs’ board of directors approved a regular quarterly dividend of 1 cent per share on the company's common stock, payable on Mar 6, 2023, to all shareholders of record as of Feb 1, 2022.
2023 Outlook
For the first quarter of 2023, Core Labs’ revenues are anticipated in the $125-$129 million range, while the operating income is estimated in the $11.5-$14.5 million band.
Earnings per share (EPS) for the first quarter of 2023 are expected between 14 cents and 19 cents. The first quarter 2023 guidance also assumes an effective tax rate of 20%.
Zacks Rank and Key Picks
Core Laboratories is a leading provider of patented and proprietary Reservoir Description and Production Enhancement services and products that optimize the performance of petroleum reservoirs.
Patterson-UTI Energy: PTEN beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.23%, on average.
Patterson-UTI is worth approximately $3.44 billion. Its shares have gained 47.2% in the past year.
Halliburton: Halliburtonis valued at around $4.74 billion. In the past year, HP stock has increased by 40.2%.
TX-based Halliburton Company, headquartered in Houston, is one of the largest oilfield service providers in the world with a trailing four-quarter earnings surprise of roughly 130.98 %, on average
Calumet Specialty Products Partners: Calumet Specialty Products Partners is worth approximately $ 1.36 billion. Its shares have gained 16.1% in the past year.
Calumet Specialty Products Partners, L.P. is a leading independent producer of high-quality, speciality hydrocarbon products in North America.
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Core Laboratories (CLB) Q4 Earnings Beat, Revenues Miss
Core Laboratories (CLB - Free Report) reported fourth-quarter 2022 results, wherein earnings of 20 cents per share beat the Zacks Consensus Estimate of 19 cents and came in line with the year-ago profit. This could be attributed to the Production Enhancement segment’s better-than-expected performance.
However, this oilfield service provider’s revenues of $127.6 million missed the Zacks Consensus Estimate of $130 million due to underperformance from both segments, though the top line rose 2% from the year-ago quarter’s revenues of $125.1 million.
Core Labs’ (CLB - Free Report) revenues for the first quarter of 2023 are anticipated in the $125-$129 million range, while the operating income is estimated in the $11.5-$14.5 million band.
Core Laboratories N.V. Price, Consensus and EPS Surprise
Core Laboratories N.V. price-consensus-eps-surprise-chart | Core Laboratories N.V. Quote
Segmental Performance
Reservoir Description: Revenues of this segment were recorded at $78.1 million, which missed the Zacks Consensus Estimate of $80 million. Moreover, the operating income decreased from $7.2 million in the year-ago period to $6.8 million and also missed the Zacks Consensus Estimate of $7.8 million, mainly due to weak demand for laboratory services.
Production Enhancement: Revenues of $49.4 million compared favourably with the year-ago quarter’s $45 million, indicating a year-over-year increase of 9.8%. However, the same underperformed the Zacks Consensus Estimate of $49.85 million.
Moreover, the segmental operating income of $7.9 million in the quarter outperformed the Zacks Consensus Estimate of $5.2 million, as the company continued building on its sophisticated and reliable solutions. In the year-ago period, CLB reported an operating income of $7 million.
Financials and Dividends
As of Dec 31, 2022, Core Labs had cash and cash equivalents worth $15.4 million and long-term debt of $172.4 million. The company’s debt-to-capitalization ratio was 47.8%.
CLB generated $13.2 million of operating cash in the reported quarter. Its capital expenditure totalled $2 million.
Core Labs’ board of directors approved a regular quarterly dividend of 1 cent per share on the company's common stock, payable on Mar 6, 2023, to all shareholders of record as of Feb 1, 2022.
2023 Outlook
For the first quarter of 2023, Core Labs’ revenues are anticipated in the $125-$129 million range, while the operating income is estimated in the $11.5-$14.5 million band.
Earnings per share (EPS) for the first quarter of 2023 are expected between 14 cents and 19 cents. The first quarter 2023 guidance also assumes an effective tax rate of 20%.
Zacks Rank and Key Picks
Core Laboratories is a leading provider of patented and proprietary Reservoir Description and Production Enhancement services and products that optimize the performance of petroleum reservoirs.
Currently, Core Laboratories (CLB - Free Report) carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at stocks like Patterson-UTI Energy (PTEN - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and Calumet Specialty Products Partners (CLMT - Free Report) ) and Halliburton (HAL - Free Report) both holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Patterson-UTI Energy: PTEN beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.23%, on average.
Patterson-UTI is worth approximately $3.44 billion. Its shares have gained 47.2% in the past year.
Halliburton: Halliburtonis valued at around $4.74 billion. In the past year, HP stock has increased by 40.2%.
TX-based Halliburton Company, headquartered in Houston, is one of the largest oilfield service providers in the world with a trailing four-quarter earnings surprise of roughly 130.98 %, on average
Calumet Specialty Products Partners: Calumet Specialty Products Partners is worth approximately $ 1.36 billion. Its shares have gained 16.1% in the past year.
Calumet Specialty Products Partners, L.P. is a leading independent producer of high-quality, speciality hydrocarbon products in North America.