Oilfield services company Core Laboratories (NYSE: CLB) will be reporting earnings this Wednesday after the bell. Here’s what to expect.
Core Laboratories beat analysts’ revenue expectations last quarter, reporting revenues of $138.3 million, up 7% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates and a narrow beat of analysts’ EBITDA estimates.
Is Core Laboratories a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Core Laboratories’s revenue to decline 2.1% year on year, improving from the 4.7% decrease it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Core Laboratories has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Core Laboratories’s peers in the oilfield services segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Noble Corporation’s revenues decreased 10.2% year on year, beating analysts’ expectations by 6.8%, and World Kinect reported revenues up 2.5%, topping estimates by 10.4%. Noble Corporation traded up 8.2% following the results while World Kinect was also up 10.9%.
Read our full analysis of Noble Corporation’s results here and World Kinect’s results here.
Investors in the oilfield services segment have had steady hands going into earnings, with share prices flat over the last month. Core Laboratories is up 3.2% during the same time and is heading into earnings with an average analyst price target of $16.33 (compared to the current share price of $17.30).
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