Core Laboratories N V (CLB) 10-Q Quarterly Report October 2018

AMSTERDAM (24 October 2018) - Core Laboratories N.V. (NYSE: "CLB US" and Euronext Amsterdam: "CLB NA") ("Core", "Core Lab", or the "Company") reported that continuing operations resulted in third quarter 2018 revenue of $182,100,000, up 12% year-over-year, with operating income of $34,900,000, up 31% year-over-year, and earnings per diluted share ("EPS") of $0.50, all in accordance with U.S. generally accepted accounting principles ("GAAP"); EPS, ex-items, a non-GAAP financial measure, increased 39% year-over-year to $0.64. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

Operating margins for the Company increased over 360 basis points to 20% with incremental margins of 51%, ex-items, year-over-year. The expanding year-over-year operating margins are the result of higher technology services and products being requested by Core’s technologically sophisticated client base and increased utilization of the Company’s services and products, particularly in the U.S market.

Core’s Board of Supervisory Directors ("Board") and the Company’s Executive Management continue to focus on strategies that maximize return on invested capital ("ROIC") and free cash flow ("FCF"), a non-GAAP financial measure defined as cash from operations less capital expenditures, while exercising capital discipline, factors which have high correlation with maximizing total shareholder return. Core’s asset-lite business model promotes asset efficiency, designed to produce more predictable, superior long-term, and sustainable ROIC. Bloomberg’s calculations using the latest comparable data available indicate that Core’s ROIC of 28% is the highest for all major companies in its oilfield service Comp Group.

Segment Highlights

Reservoir Description

Reservoir Description is heavily exposed to international and offshore activity levels. Over 80% of its revenue is sourced outside the U.S., where core, reservoir fluid and derived product samples originate from international projects. Delays in the recovery of international and deepwater field development activity impacted and delayed revenue opportunities for the Company’s Reservoir Description segment during the third quarter of 2018. Revenue in the third quarter of 2018 was $103,600,000 with operating income on a

The following information was filed by Core Laboratories N V (CLB) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Core Laboratories N V's 10-Q Quarterly Report:

Financial - Earnings Highlight
The increased profitability is due to increased demand for our higher margin services and products and impact of higher revenue on our fixed-cost structure.

Financial - Earnings Highlight
Operating margins were 25% in the third quarter of 2018, up from 20% in the third quarter of 2017 as we benefited from increased activity, increased demand for higher margin services and products and realized improved absorption rates of our fixed costs across higher revenues and level with the second quarter of 2018.
Financial - Earnings Highlight
The increase was primarily due to maintaining consistent operating margins on slightly higher revenue during the third quarter of 2018.
Financial - Expense Highlight
The improvement in cost of product sales as a percentage of product sales revenue was primarily due to the improved absorption rates of our fixed costs.
Financial - Expense Highlight
Reduced capital expenditures during 2016 and 2017 in response to the industry downturn has led to lower depreciation expense in the first nine months of 2018.
Financial - Cash Flow
Cash flows provided by operating...Read more
Financial - Cash Flow
Cash flows used in financing...Read more
Revenue - Product
Services revenue increased 3% to...Read more
Financial - Income
Our ability to maintain and...Read more
Revenue - Product
Services revenue of $124.1 million...Read more
Financial - Income
Operating income of $15.0 million...Read more
Financial - Expense
The terms of the Credit...Read more
Legal - Other
On December 22, 2017, the...Read more
Other - Other
In the first quarter of...Read more
Revenue - Product
Revenue associated with product sales...Read more
Revenue - Product
Revenue from the Production Enhancement...Read more
Revenue - Product
Although this segment improved in...Read more
Revenue - Product
Revenue from the Reservoir Description...Read more
Financial - Expense
General and administrative G&A expense...Read more
Other - Other
The effective tax rates for...Read more
Revenue - Product
Revenue associated with product sales...Read more
Revenue - Product
Revenue from the Production Enhancement...Read more
Legal - Other
Provisions within the new law...Read more
Financial - Income
Operating income in the third...Read more
Financial - Income
Operating income for the nine...Read more
Financial - Cash Flow
Cash flows from operating activities...Read more
Other - Other
These complementary segments provide different...Read more
Financial - Cash Flow
Moreover, since free cash flow...Read more
Financial - Expense
Cost of services for the...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Core Laboratories N V provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: CLB
CIK: 1000229
Form Type: 10-Q Quarterly Report
Accession Number: 0001000229-18-000119
Submitted to the SEC: Thu Oct 25 2018 1:06:01 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Oil And Gas Field Services