Shares of Core Laboratories Inc. (CLB) surged by 10.66% on October 24, 2024, after the oilfield services company reported better-than-expected results for the third quarter of 2024 and provided an optimistic outlook for the coming quarters.

The company's revenue for Q3 2024 grew 7.5% year-over-year to $134.4 million, beating analyst estimates of $133 million. The strong top-line growth was driven by increased demand for Core Lab's reservoir rock and fluid analysis services in international markets, as well as higher international product sales.

On the bottom line, Core Laboratories reported adjusted earnings of 25 cents per share, surpassing the consensus estimate of 21 cents per share. The company's operating income and margins also improved sequentially, reflecting the operational momentum it has built over the past several quarters.

During the earnings call, Core Laboratories' management highlighted the company's continued focus on introducing new technologies and expanding its product offerings to capitalize on growing opportunities in the energy sector. Notably, the company showcased its innovative Pulverizer technology, designed to accelerate offshore plug and abandonment operations, which was successfully deployed for a national oil company in the Middle East during the quarter.

Looking ahead, Core Laboratories expects a multi-year international market recovery driven by underinvestment, increased focus on energy security, and rising crude oil demand. The company anticipates continued growth in demand for its services and products, particularly in the Middle East, South Atlantic Margin, Asia Pacific, and West Africa regions, where long-term projects are underway.