Core Laboratories Inc. (NYSE: "CLB") has reported its financial results for the fourth quarter and full year of 2024. In the fourth quarter, the company's revenue was $129.2 million, showing a 4% decrease sequentially but a slight increase year-over-year. Operating income for the same period was $14.2 million, or $15.7 million excluding items, marking a 14% sequential decrease but a 4% year-over-year increase. GAAP EPS for the fourth quarter was $0.15, while the EPS, excluding items, was $0.22, demonstrating a 12% sequential decrease and a 16% year-over-year increase.
For the full year 2024, Core Laboratories reported revenue of $523.8 million, representing a 3% increase compared to 2023. The operating income for the full year was $58.6 million, or $65.3 million excluding items, reflecting a 7% increase. Full year GAAP EPS stood at $0.66, while the EPS, excluding items, reached $0.87, showing a 9% year-over-year growth.
The company's free cash flow for the fourth quarter of 2024 was $16.2 million, indicating an increase of over 50% sequentially. Additionally, Core Laboratories reduced its debt leverage ratio to 1.31, and net debt was reduced by $11.7 million. The company repurchased 264,982 shares of common stock, valued at $4.9 million, during the fourth quarter. Furthermore, Core Labs announced a quarterly dividend for Q1 2025.
In terms of business segments, the Reservoir Description operations experienced a sequential revenue decline of 2% in the fourth quarter, but saw a 3% increase compared to the previous year. The operating margins for this segment expanded by 170 basis points year-over-year. On the other hand, Production Enhancement operations posted a fourth quarter revenue of $42.4 million, down 7% sequentially and 3% year-over-year.
Looking ahead, Core Labs expects the first quarter of 2025 to show declines in some regions due to typical sequential seasonal industry patterns and adverse weather conditions impacting client activities and facility closures. The company projects its first quarter 2025 revenue to range from $121 million to $127 million, with operating income of $10.2 million to $12.8 million, yielding operating margins of approximately 9%.
Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $18.54. For more information, read the company's full 8-K submission here.
