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Core Laboratories tops Street 1Q forecasts

AMSTERDAM (AP) _ Core Laboratories NV (CLB) on Wednesday reported first-quarter net income of $17.7 million.

The Amsterdam-based company said it had profit of 40 cents per share. Earnings, adjusted for non-recurring costs, came to 42 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.

The energy services company posted revenue of $157.8 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $149.9 million.

For the current quarter ending in July, Core Laboratories expects its per-share earnings to range from 48 cents to 52 cents.

The company said it expects revenue in the range of $165 million to $170 million for the fiscal second quarter.

Core Laboratories shares have fallen slightly more than 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $111.11, a decrease of roughly 5 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CLB at https://www.zacks.com/ap/CLB

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Keywords: Core Laboratories, Earnings Report