Core Laboratories reports Q1 EPS 6c, consensus 11c

Reports Q1 revenue $121.8M, consensus $124.9M. Core’s CEO, Larry Bruno, stated, “First and foremost, our thoughts remain with our employees and their families across our Middle East operations during this period of heightened geopolitical instability. As we continue to prioritize the safety of our people, the conflict has impacted client activity, project timelines, and operations across the region, factors that materially affected Core Lab’s first quarter operating results. For Reservoir Description, and for the service part of Production Enhancement, operational disruptions in the Middle East were extensive, including: 1) client office closures and delayed progression of client projects, 2) suspension of field access for sample acquisition and wellsite services, and 3) halted maritime transportation of crude oil, natural gas, and derived products. In addition, completion product deliveries into the region for Production Enhancement were also delayed. Core Lab has persevered through previous conflicts in the Middle East, and I am fully confident that we will again. As we have in the past, the Company and its dedicated employees remain committed to servicing our long-standing clients throughout this vital region. The ongoing conflict in Russia-Ukraine and severe weather events across North America and Europe also disrupted client activity and operations, creating additional headwinds for the first quarter. Despite these near-term challenges, Core remains focused on delivering long-term shareholder value through disciplined execution and continued innovation, including the advancement and commercialization of next-generation technologies that have gained early client adoption across multiple regions.”