FOR IMMEDIATE RELEASE
CORE LAB REPORTS THIRD QUARTER 2018 RESULTS FROM CONTINUING OPERATIONS:
REVENUE OF $182.1 MILLION, UP 12% YEAR-OVER-YEAR
OPERATING MARGINS OF 19%; EX-ITEMS 20%, UP OVER 360 BPS YEAR-OVER-YEAR
EPS OF $0.50; $0.64 EX-ITEMS, UP 39% YEAR-OVER-YEAR
COMPANY POSTS OILFIELD SERVICE-LEADING ROIC OF 28%
COMPANY TOTAL SHAREHOLDER RETURNS OUTPACING OSX YEAR-TO-DATE
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.
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.