The Rising Influence of Rising Affluence

[DewDiligence]

Addendum on CLB’s 2012 cash-flow and EPS outlook: In CLB’s 4Q11 release in Jan 2012 (#msg-71614643), the PR said:

For the full year 2012, the Company expects revenue of approximately $1,005,000,000 to $1,045,000,000, with EPS between $4.50 and $4.82.

For 2012, Core expects to generate over $200,000,000 in free cash flow, an all-time high, while increasing capital expenditures to an estimated $33,000,000.

In the 2Q12 PR (#msg-77718792), the sentence on 2012 EPS was removed, and the sentence on 2012 was changed by one word, as follows:

For 2012, Core expects to generate approximately $200,000,000 in free cash flow, an all-time high, while increasing capital expenditures to an estimated $33,000,000.

I.e., the word over in the 4Q11 PR was changed to approximately in the 2Q12 PR, a subtle distinction that indicates a slight reduction in cash-flow expectations.

On the CC, CEO David Demshur said the company was still comfortable with the $4.50-4.82 EPS guidance range for the full year, but they opted to not formally reiterate this guidance in the 2Q12 PR due to an increased uncertainty about the second half of the year.