Shares of Core Laboratories Inc. (CLB) surged by nearly 6% on Tuesday after the oilfield services company reported better-than-expected results for the third quarter of 2024.
The company reported adjusted earnings of 25 cents per share for the quarter, beating the consensus estimate of analysts polled by Zacks Investment Research, which called for earnings of 21 cents per share. Revenue for the quarter came in at $134.4 million, also surpassing the consensus estimate of $133 million.
The strong results were driven by solid performance from Core Laboratories' Reservoir Description and Production Enhancement segments. The Reservoir Description segment saw revenues rise 3.5% year-over-year to $88.8 million, fueled by increased demand for reservoir rock and fluid analysis services. Meanwhile, the Production Enhancement segment's revenues grew 13.4% to $45.6 million.
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