Analyst Note
| Preston Caldwell |Core Lab posted second-quarter revenue up 10% sequentially, slightly better than the typical oilfield-services company reporting so far, which has seen growth in the high single digits. However, adjusted operating margins were flat at about 11%, a disappointment in light of the revenue increase. We plan to incorporate the firm's financial and operating results shortly, but for the time being, our wide moat rating and fair value are unchanged.