Core Laboratories N.V. (CLB) Wednesday reported an increase in profit for the first quarter, as revenues grew eleven percent with gains across all segments. The company also detailed its forecast for the second quarter, and lifted its full year 2013 guidance.
Following the news, Core Laboratories stock gained over five percent in after-hours trade on the New York Stock Exchange.
Core Lab's profit for the first quarter improved to $56.5 million or $1.22 per share from $54.0 million or $1.13 per share last year.
Analysts polled by Thomson Reuters expected the company to earn $1.16 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the first quarter grew to $260.9 million from $234.2 million last year. Analysts estimated revenues of $247.22 million for the quarter.
Segment wise, reservoir description revenues grew to $125.2 million from $116.1 million last year, while production enhancement revenues rose to $107.4 million from $96.7 million last year. Reservoir management revenues increased to $28.3 million from $21.4 million last year.
The company termed the first-quarter as the "most profitable quarter in company history." Core Labs said the "improved results reflect its continued focus on international crude-oil developments, especially those in deepwater, unconventional tight oil plays in North America and evaluation of several high potential international unconventional crude oil and natural gas opportunities."
Looking forward to the second quarter, Core Labs expects earnings of $1.29 to $1.36 per share and revenues of $264 million to $269 million.
Analysts currently estimate earnings of $1.26 per share on revenues of $261.16 million for the quarter.
For the full year 2013, Core Labs now expect earnings in the range of $5.06 to $5.26 per share and revenues of $1.06 billion to $1.08 billion.
Analysts currently estimate earnings of $5.12 per share and revenues of $1.06 billion for the full-year 2013.
Previously, the company expected earnings of $4.96 to $5.22 per share on revenues of $1.03 billion to $1.07 billion.
CLB closed Wednesday's trading at $126.24, down $3.41 or 2.63%. The stock, however, gained $6.88 or 5.45% in after hours.
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