Core Laboratories shares rise on 3Q report

Core Laboratories' shares rise following 3rd-quarter profit report topping analyst forecasts

• On 3:49 pm EDT, Thursday October 22, 2009

NEW YORK (AP) -- Shares of Core Laboratories NV, which provides services to the oil and gas industry, rose Thursday after the company reported third-quarter profit above Wall Street expectations.

The stock rose $3.68, or 3.4 percent, to $113.04 in afternoon trading. Shares reached a 52-week high of $113.15 earlier in the trading session.

On Wednesday, the company said it earned just under $31 million, or $1.33 per share, down from profit of $36.8 million, or $1.53 per share, during the same period a year prior. Revenue rose 17 percent to $167.8 million from $202.5 million.

Excluding gains from foreign currency exchange rates and a weaker tax rate, the company said it earned $1.15 per share.

Analysts polled by Thomson Reuters expected profit of $1.13 per share on revenue of $162.2 million.

Reservoir Description operations saw revenue fall 9 percent to $101.5 million, while revenue at the production enhancement unit fell 31 percent to $54.4 million.

Looking ahead, the company, which is headquartered in Amsterdam, expects fourth-quarter earnings per share between $1.15 and $1.20, while analysts expect earnings per share of about $1.15.