Core Lab Q3 Revenue $132.1M, EPS $0.12; Q4 Guidance Flat on Middle East Disruption
CLB is trading near its 52-week low of $9.13 (12% above the low).
Summary
Core Lab reported Q3 2026 revenue of $132.1 million (up 6% sequentially, down 2% year-over-year) and EPS of $0.12, with ex-items EPS of $0.16. Q4 guidance of $128.5-$134.5 million implies flat sequential revenue as Middle East disruptions delay projects.
Key Events · Earnings and Guidance · CLB
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Q3 Revenue $132.1M, Up 6% Sequentially
Revenue of $132.1 million rose 6% from Q2 but was down 2% year-over-year; Reservoir Description contributed $84.3 million and Production Enhancement $47.8 million.
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EPS $0.12 GAAP, $0.16 Ex-Items
GAAP EPS of $0.12 fell 60% year-over-year against a prior-year quarter that included a $5.3 million insurance recovery; EPS ex-items of $0.16 rose 46% sequentially.
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Q4 Guidance Flat on Middle East Delays
Q4 revenue guided to $128.5-$134.5 million with operating income of $10.7-$15.1 million and EPS of $0.12-$0.20; early-Q4 attacks already delayed client projects.
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Free Cash Flow Thin at $1.7M
Cash from operations of $5.0 million less capital expenditures of $3.3 million yielded $1.7 million of free cash flow as working capital rose; net debt was $93.4 million with leverage under 1.50x.
Analysis · CLB · Energy & Transportation
The forward outlook is what matters here: management guided Q4 revenue to $128.5-$134.5 million, essentially flat sequentially, because attacks in the Middle East early in the quarter have already delayed client projects. For Q3 itself, revenue rose 6% sequentially to $132.1 million but stayed 2% below last year, and GAAP EPS of $0.12 was down 60% year-over-year against a quarter that included a $5.3 million insurance recovery. The ex-items picture is better than the headline: EPS ex-items of $0.16 rose 46% sequentially, and operating income ex-items of $12.6 million was up 35% sequentially on 43% incremental margins. Cash generation was thin, with free cash flow of only $1.7 million as working capital absorbed cash, while net debt sits at $93.4 million and leverage under 1.50x. The $0.01 quarterly dividend is unchanged and immaterial to the thesis; the guidance and the Middle East commentary are what will move the stock.
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At the time of this filing, CLB was trading at $10.24 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $481.3M. The 52-week trading range was $9.13 to $20.36. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.