Core Laboratories Q3 revenue slightly misses estimates on project delays 

Overview

• Oilfield services provider's Q3 revenue slightly missed analyst expectations, up 6% sequentially

• Adjusted EPS for Q3 met consensus

• Company repurchased 87,873 shares for $1.1 mln during the quarter

Outlook

• Core Labs sees Q4 2026 revenue between $128.5 mln and $134.5 mln

• Company expects Q4 2026 EPS of $0.12 to $0.20

• Core Labs expects Q4 revenue to remain relatively flat sequentially due to Middle East disruptions

Result Drivers

• INTERNATIONAL DEMAND - Co said increased demand across Europe-Africa, Asia-Pacific, Latin America and Middle East drove sequential revenue growth in Reservoir Description segment

• US PRODUCT SALES - Co said Production Enhancement segment revenue growth was led by strong US product sales, benefiting from improved land completion activity and increased adoption of proprietary technologies

• PROJECT DELAYS - Co said timing of diagnostic service activity in Gulf of America, with several large projects delayed, partially offset gains in Production Enhancement segment

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the business support services peer group is "buy."

• Wall Street's median 12-month price target for Core Laboratories Inc. is $13.00, about 23.9% above its October 28 closing price of $10.49

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 16 three months ago

Reuters Recommended Reads

• Oct 28 - Oilfield services firms lean on Middle East rebound but risks persist

• Oct 27 - Baker Hughes Q3 net income down by a third on Chart deal costs despite revenue, adj EPS beat

• Oct 27 - NOV Q3 revenue beats estimates on Middle East demand

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)