Core Laboratories Inc. provided earnings guidance for the third quarter of 2023. EPS is expected to be $0.21 to $0.25. Core projects third quarter 2023 revenue to range from $128,000,000 to $132,000,000 and operating income of $15,200,000 to $17,500,000, yielding operating margins of approximately 13%.

Core projects Reservoir Description?s third quarter 2023 revenue to be up sequentially by low-single digits. While Core expects its international revenue to increase sequentially, the segment?s revenue growth will be slightly softened by a projected decrease in U.S. activity. Client commitments on international projects have improved nicely year-over-year, however, the cadence at which these long-term projects are executed by Core?s clients may vary from quarter to quarter as activity begins to accelerate.

Additionally, the Russia-Ukraine conflict continues to create uncertainties with respect to trading patterns of crude-oil and associated crude-oil assay services, which may impact Core?s Reservoir Description segment?s operations in Russia, Ukraine and Europe. Core?s Production Enhancement segment third quarter 2023 revenue is estimated to be flat to down by low-single digits, sequentially. Growth in Production Enhancement international sales may offset the projected decline in U.S. revenue.