The Rising Influence of Rising Affluence

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Core Laboratories sees Q3 EPS of 44c, consensus 56c Sees Q3 revenue $161M, consensus $168.45M.

Core Laboratories reported on the impact to Core Lab of Hurricane Harvey which caused significant damage to parts of the U.S. Gulf Coast as a result of its high winds and unprecedented flooding. The impact consists of two components. First, Core Lab was affected by closures of its primary locations along the U.S. Gulf Coast due to flooding in the area, though its U.S. Gulf Coast locations were not materially damaged and have now reopened and are beginning to conduct business again.

The second component is the impact on Core Lab's clients which operate in the U.S. Gulf Coast and Gulf of Mexico regions. Those clients experienced similar flooding and business disruption issues which have curtailed their ability to submit work to Core Lab. Their ability to recover and resume normal operations will vary on an individual basis.

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Core Laboratories N.V. (NYSE: "CLB US" and Euronext Amsterdam: "CLB NA") ("Core", "Core Lab", or the "Company") reported on the impact to Core Lab of Hurricane Harvey which caused significant damage to parts of the U.S. Gulf Coast as a result of its high winds and unprecedented flooding. The impact consists of two components. First, Core Lab was affected by closures of its primary locations along the U.S. Gulf Coast due to flooding in the area, though its U.S. Gulf Coast locations were not materially damaged and have now reopened and are beginning to conduct business again. The second component is the impact on Core Lab's clients which operate in the U.S. Gulf Coast and Gulf of Mexico regions. Those clients experienced similar flooding and business disruption issues which have curtailed their ability to submit work to Core Lab. Their ability to recover and resume normal operations will vary on an individual basis.

The Company's impacted locations, which represent approximately 10% to 12% of the Company's total revenues, were closed and operations were halted as a result of Hurricane Harvey. During that time, the Company's revenue from those affected locations was adversely affected; however, since it was not possible to change the Company's cost structure during the Hurricane, significant decremental margins were incurred.

Based on an early assessment of the financial impact of Hurricane Harvey on Core Lab, the Company now projects third quarter 2017 revenue of approximately $161,000,000 and EPS of $0.44. These estimates are subject to change as more information becomes available. Core will provide an update on its third quarter 2017 earnings conference call to be held on 24 October 2017.

https://finance.yahoo.com/news/core-lab-reports-impact-hurricane-213000014.html