Core Laboratories (CLB) Reports Q3 Earnings; Guides Above for Q4 Revenues

October 21, 2009 7:02 PM EDT

Core Laboratories N.V. (NYSE: CLB) reports Q3 EPS of $1.15 (ex-items) vs. consensus of $1.13.
Revenues were $167.8 million vs. $162.18 million consensus.

(CLB reported Q3 EPS of $1.33 before items - Foreign currency exchange gains and a lower effective tax rate accounted for $0.18 of the quarterly earnings. Therefore, excluding the impact of these items, Core Lab operations generated $1.15 per diluted share in third quarter 2009 earnings. Third quarter operating margins, defined as operating income divided by revenue, were 26%)

For the fourth quarter of 2009, Core expects revenue to range between $165,000,000 and $170,000,000 and EPS to range between $1.15 and $1.20. (Consensus is $163.07 million and $1.12, respectively)

This Q4 2009 guidance excludes any gains or losses that may originate from the repurchase of outstanding debt, any effects of foreign currency translations, and assumes an effective tax rate of approximately 31% to 32%. In addition, fourth quarter EPS guidance does not consider shares that may be repurchased by the Company or shares that may be added to the share count as related to amounts outstanding on Core's $300 million Senior Exchangeable Notes. The Company is unable, at this time, to provide 2010 first quarter guidance with a high degree of confidence.

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