Core Laboratories Inc. Files Q3 2024 10-Q Report
Ticker: CLB · Form: 10-Q · Filed: Oct 24, 2024 · CIK: 1958086
Sentiment: neutral
Topics: 10-Q, earnings, oil-gas
TL;DR
Core Labs filed its Q3 10-Q. Check financials for oilfield services performance.
AI Summary
Core Laboratories Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing indicates financial activities and disclosures relevant to its operations in the oil and gas field services sector. Specific financial figures and operational details are provided within the report.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational updates for Core Laboratories Inc., crucial for understanding the company's current standing and future outlook in the energy services market.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information and risk disclosures inherent to the oil and gas industry, which can be volatile.
Key Numbers
- Q3 — Quarterly Period (Reporting period for the 10-Q filing)
- 20240930 — Report End Date (The end date of the reporting period)
- 20241024 — Filing Date (The date the report was officially filed with the SEC)
Key Players & Entities
- Core Laboratories Inc. /DE/ (company) — Filer of the 10-Q report
- 20240930 (date) — Conformed period of report
- 20241024 (date) — Filed as of date
- 713-328-2673 (phone_number) — Business phone number
- OIL, GAS FIELD SERVICES, NBC [1389] (industry) — Standard Industrial Classification
FAQ
What is the reporting period for this 10-Q filing?
The conformed period of report is 20240930, indicating the third quarter of 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20241024.
What is the primary business of Core Laboratories Inc. /DE/?
Core Laboratories Inc. /DE/ is in the OIL, GAS FIELD SERVICES, NBC industry.
What is the business address of Core Laboratories Inc.?
The business address is 6316 WINDFERN ROAD, HOUSTON, TX 77040.
What is the fiscal year end for Core Laboratories Inc.?
The fiscal year end is 1231.
Filing Stats: 4,381 words · 18 min read · ~15 pages · Grade level 14.5 · Accepted 2024-10-24 17:30:08
Key Financial Figures
- $0.01 — ch registered Common Stock (par value $0.01) CLB New York Stock Exchange Indi
Filing Documents
- clb-20240930.htm (10-Q) — 2498KB
- clb-ex31_1.htm (EX-31.1) — 14KB
- clb-ex31_2.htm (EX-31.2) — 15KB
- clb-ex32_1.htm (EX-32.1) — 8KB
- clb-ex32_2.htm (EX-32.2) — 8KB
- 0000950170-24-117122.txt ( ) — 8927KB
- clb-20240930.xsd (EX-101.SCH) — 1021KB
- clb-20240930_htm.xml (XML) — 1686KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Page Item 1.
Financial Statements
Financial Statements Consolidated Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 ( Unaudited) 6 Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 7 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 9 Notes to the Interim Consolidated Financial Statements ( Unaudited) 10 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.
Controls and Procedures
Controls and Procedures 35
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 35 Item 1A.
Risk Factors
Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 5. Other Information 36 Item 6. Exhibits 37 Signature 38
- FINANCI AL INFORMATION
PART I - FINANCI AL INFORMATION
Financi al Statements
Item 1. Financi al Statements CORE LABORATORIES INC. CONSOLIDATED B ALANCE SHEETS (In thousands, except share and per share data) September 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 21,474 $ 15,120 Accounts receivable, net of allowance for credit losses of $ 3,152 and $ 2,280 at 2024 and 2023, respectively 117,591 109,352 Inventories 65,490 71,702 Prepaid expenses 9,717 8,153 Income taxes receivable 14,784 13,716 Other current assets 6,171 5,093 TOTAL CURRENT ASSETS 235,227 223,136 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $ 318,871 and $ 315,796 at 2024 and 2023, respectively 97,606 99,626 RIGHT OF USE ASSETS 56,650 53,842 INTANGIBLES, net of accumulated amortization and impairment of $ 19,204 and $ 18,825 at 2024 and 2023, respectively 6,547 6,926 GOODWILL 99,445 99,445 DEFERRED TAX ASSETS, net 69,948 69,201 OTHER ASSETS 35,043 34,219 TOTAL ASSETS $ 600,466 $ 586,395 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 33,627 $ 33,506 Accrued payroll and related costs 22,281 18,791 Taxes other than payroll and income 5,795 5,939 Unearned revenues 7,208 4,755 Operating lease liabilities 11,435 10,175 Income taxes payable 5,459 7,280 Other current liabilities 9,133 7,651 TOTAL CURRENT LIABILITIES 94,938 88,097 LONG-TERM DEBT, net 139,872 163,134 LONG-TERM OPERATING LEASE LIABILITIES 43,727 42,076 DEFERRED COMPENSATION 31,713 30,544 DEFERRED TAX LIABILITIES, net 13,547 12,697 OTHER LONG-TERM LIABILITIES 20,248 20,040 COMMITMENTS AND CONTINGENCIES EQUITY: Preference stock, 6,000,000 shares authorized, $ 0.01 par value; none issued or outstanding — — Common stock, 200,000,000 shares authorized, $ 0.01 par value, 46,938,557 issued and 46,927,391 outstanding at 2024; 46,938,557 issued