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Core Laboratories Inc. (CLB-4.56%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $523.8 million, an increase from $509.8 million in 2023. This growth is attributed to increased activity levels in both U.S. and international markets, particularly in the Reservoir Description segment.
Reservoir Description revenue increased by 3.8% to $346.1 million, driven by higher demand for core and fluid analysis services and carbon capture projects. Production Enhancement revenue was relatively flat at $177.7 million.
Operating income for the year was $58.6 million, up from $54.6 million in 2023. The increase was primarily due to improved utilization of the company's global laboratory network.
Net income attributable to Core Laboratories Inc. was $31.4 million, down from $36.7 million in the previous year. The decrease was largely due to a higher effective tax rate of 30.4% compared to 10.2% in 2023.
The company reduced its total outstanding debt by $38.0 million during the year, ending with $128.0 million in long-term debt.
Core Laboratories continues to focus on expanding its services related to carbon capture and storage, as well as enhancing its digital transformation initiatives to improve operational efficiencies.
The filing also discusses the impact of geopolitical events, such as the Russia-Ukraine conflict, on the company's operations, particularly in terms of supply chain disruptions and market volatility.
Core Laboratories maintains a quarterly dividend of $0.01 per share, consistent with its focus on returning capital to shareholders.
The company emphasizes its commitment to environmental, social, and governance (ESG) initiatives, including efforts to reduce its environmental footprint and support energy transition projects.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Core Laboratories Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.