Core Laboratories Earnings: Flat Fourth-Quarter Results Reflect Seasonal and Geographical Headwinds

Wide-moat Core Laboratories closed out fiscal 2023 on solid footing as elevated international activity supported strong demand across product lines. Core's fourth-quarter performance came in around the midpoint of guidance in most cases, with overall flat top-line growth on an annual and sequential basis coupled with a flat to modestly reduced profitability. We'll incorporate the firm's operating and financial results shortly, but after this first look, we maintain our $28 fair value estimate.