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Core Laboratories NV CLB

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Core Lab Sees Dip in First-Quarter Results, but Recovery Should Resume for Remainder of 2021

Preston Caldwell Equity Analyst

Analyst Note

| Preston Caldwell |

Core Laboratories reported first-quarter revenue down 5% sequentially, with adjusted operating margins slipping to 11% from 11.5% in the prior quarter. The revenue decline was driven by a 9% drop in the reservoir description segment, while the production segment saw a 7% increase. A modest seasonal dip in revenue for the reservoir segment is typical, though this quarter, Core Lab was also adversely affected by the disruption to its U.S. Gulf Coast laboratory operations owing to severe winter weather. Our fair value estimate and wide moat rating are unchanged following the results.

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Company Profile

Business Description

Core Laboratories is an oil-services company that helps oil and gas companies better understand how to improve production levels and economics with core and reservoir analysis. Additionally, the company sells a number of products helping its customers to maximize production levels from their oil and gas assets. The company operates in more than 50 countries and has more than 5,000 employees.

Van Heuven Goedhartlaan 7 B
Amstelveen, NH, 1181 LE, Netherlands
T +31 204203191
Sector Energy
Industry Oil & Gas Equipment & Services
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 3,700