Oilfield services company Core Laboratories (NYSE: CLB) will be reporting results this Wednesday after market hours. Here’s what to look for.
Core Laboratories missed analysts’ revenue expectations last quarter, reporting revenues of $124.6 million, down 4.3% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS 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 2.2% year on year, a deceleration from its flat revenue in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will 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 Q3 results, giving us a hint as to what we can expect. SLB delivered year-on-year revenue growth of 5.8%, beating analysts’ expectations by 1.7%, and Halliburton reported revenues up 1.8%, topping estimates by 2.1%. SLB traded up 6.4% following the results while Halliburton was also up 3.1%.
Read our full analysis of SLB’s results here and Halliburton’s results here.
There has been positive sentiment among investors in the oilfield services segment, with share prices up 5.7% on average over the last month. Core Laboratories is up 1.8% during the same time and is heading into earnings with an average analyst price target of $15 (compared to the current share price of $10.22).
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