Core Laboratories Inc. reported a total revenue of $523.8 million for the fiscal year ended December 31, 2024, reflecting a 2.8% increase from $509.8 million in 2023. The company's service revenue, which constitutes the majority of its income, rose by 4% to $388.2 million, driven by increased activity levels in both U.S. and international markets. However, product sales revenue decreased by 1.6% to $135.6 million, attributed to a decline in the U.S. onshore market, where the average rig count fell by 13% compared to the previous year. Despite the revenue growth, net income attributable to Core Laboratories Inc. decreased by 14.4% to $31.4 million, with diluted earnings per share dropping to $0.66 from $0.77 in 2023.
The company underwent a significant organizational change with the completion of a redomestication transaction in May 2023, transitioning from a Netherlands-based holding company to a Delaware corporation. This move aimed to enhance operational efficiency and align with U.S. regulatory frameworks. Core Laboratories continues to focus on expanding its service offerings, particularly in carbon capture and sequestration (CCS) projects, which have seen growing demand. The company operates in two segments: Reservoir Description and Production Enhancement, with the former generating approximately 66% of total revenue.
Operationally, Core Laboratories maintained a workforce of approximately 3,500 employees across over 70 offices in more than 50 countries. The company reported a current ratio of 2.32:1 and a debt-to-EBITDA ratio of 1.37:1 as of December 31, 2024, indicating a stable financial position. The international segment accounted for 66% of total revenue, with notable growth in Europe, Africa, and Asia Pacific, despite ongoing geopolitical tensions affecting the oil and gas markets.
Looking ahead, Core Laboratories anticipates continued growth in global oil demand, supported by supply management from OPEC+ and increased capital spending in exploration and production activities. The company expects its clients to maintain or increase their investment in oil and gas reserves, which should positively impact its service and product offerings. However, the ongoing geopolitical conflicts and their potential impact on supply chains remain a concern, as they could affect the company's operational performance and revenue generation in the near future.
About Core Laboratories Inc. /DE/
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