Core Laboratories N.V. provides reservoir description, production enhancement, and reservoir management services to the oil and gas industry in the United States, Canada, and internationally. It operates through three segments: Reservoir Description, Production Enhancement, and Reservoir Management. The Reservoir Description segment comprises the characterization of petroleum reservoir rock, fluid, and gas samples. This segment offers analytical and field services to characterize properties of crude oil and petroleum products to the oil and gas industry. The Production Enhancement segment includes services and products relating to reservoir well completions, perforations, stimulations, and p...
Amsterdam, 1077 XX
Founded in 1936
Core Laboratories N.V. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter of 2017
Jan 25 17
Core Laboratories N.V. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported revenue of $149,542,000 against $182,723,000 a year ago. Operating income was $21,524,000 against $23,642,000 a year ago. Income before income tax expense was $18,976,000 against $20,252,000 a year ago. Net income attributable to the company was $15,459,000 against $15,418,000 a year ago. Diluted earnings per share were $0.35 against $0.36 a year ago. Net cash provided by operating activities was $23,201,000 and capital expenditures were $3,616,000. During the fourth quarter 2016, the company generated $19,600,000 of free cash flow, defined as cash from operations less capital expenditures. Excluding foreign currency translations and a higher than guided tax rate, EPS was $0.41, up 8% sequentially from the prior quarter. Excluding specific items, net income attributable to the company was $18,302,000. Excluding specific items, operating income was $21,923,000.
For the full year, the company reported revenue of $594,741,000 against $797,520,000 a year ago. Operating income was $86,179,000 against $161,070,000 a year ago. Income before income tax expense was $74,607,000 against $148,690,000 a year ago. Net income attributable to the company was $63,895,000 against $114,847,000 a year ago. Diluted earnings per share were $1.46 against $2.68 a year ago. Net cash provided by operating activities was $131,885,000 and capital expenditures were $11,356,000. For the year, the company generated $120,500,000 in free cash flow, converting 20% of every revenue dollar to free cash.
As has been the case for past recoveries, the company expects its revenue growth to ultimately outperform the increase in industry activity rates by 200 to 400 basis points. The company expects to generate incremental operating income margins of up to approximately 60% early in the activity recovery phase followed by historical incremental operating income margins of approximately 35% to 45% well into the recovery phase. The company is clearly benefiting from increased U.S. onshore activity and expects revenue and operating income to increase further in 2017 as international and offshore markets improve with additional major capital project announcements. These activities should drive the company's revenue higher in consecutive quarters in 2017, expanding incremental and operating margins. Using that first quarter operating scenario, the company projects an EPS of $0.42 if the same assumed 6% effective tax rate is used as in the fourth quarter of 2016. However, given that the effective tax rate can vary based on the jurisdictions where income is earned, the company believes an effective tax rate of 14% as stated during last quarter's call is more likely in the first quarter of 2017 as a result of the shift in activity to the U.S. On a GAAP basis, the company has projected EPS for the first quarter of 2017 to be $0.38 which compares favorably to the GAAP EPS of $0.35 earned in the fourth quarter of 2016. First quarter 2017 free cash flow is expected, once again, to exceed net income. The company expects to continue to make opportunistic repurchases of its shares using the free cash flow in excess of its dividend payments.
Core Laboratories N.V. Presents at Credit Suisse 22nd Annual Energy Summit, Feb-14-2017 08:35 AM
Jan 12 17
Core Laboratories N.V. Presents at Credit Suisse 22nd Annual Energy Summit, Feb-14-2017 08:35 AM. Venue: Vail Marriott Mountain Resort, 715 West Lionshead Circle, Vail, CO 81657, United States. Speakers: David M. Demshur, Chairman of Supervisory Board, Chief Executive Officer and President, Richard L. Bergmark, Chief Financial Officer, Executive Vice President and Supervisory Director.
Core Laboratories N.V. Announces Cash Dividend for the First Quarter of 2017, Payable on February 17, 2017
Jan 10 17
Core Laboratories N.V. announced a cash dividend of $0.55 per share of common stock payable in the first quarter of 2017. This first quarter dividend would mean a total payout of $2.20 per share of common stock, if maintained for the entire year. The quarterly $0.55 per share cash dividend will be payable on 17 February 2017, to shareholders of record on 20 January 2017.