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Core Lab posts 5.9% increase in Q3 net income

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Core Lab posts 5.9% increase in Q3 net income

Oil and gas equipment and services provider Core Laboratories NV on Oct. 23 reported a third-quarter GAAP net income attributable to the company of $23.7 million, up 5.9% from $22.4 million reported during the third quarter of 2018.

Revenue for the quarter was pegged at $173.2 million, down 4.9% from the $182.1 million seen a year ago.

Operating income for the third quarter came in at $31.2 million, down 10.5% from the $34.9 million posted for the corresponding period in 2018.

The Netherlands-based company reported lower third-quarter income tax expense of $3.3 million, compared to $9.4 million a year ago.

Free cash flow for the third quarter totaled $20.7 million, bringing the amount for the nine months ended Sept. 30 to $50.7 million.