Core Lab Revises Down Guidance for Q3 Results, Shares Fall 9% Late

By Staff,

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Shares of Netherlands-based Core Laboratories N.V. ( CLB ), a provider of reservoir management systems for oil and gas companies, fell 8.73% to $111.10 in after-hours trading after it said it expects Q3 2012 results to be below its prior guidance.

Previous guidance was based on a flat North American rig count along with a view to improving activity outside of North America. Since the end of Q2 2012, the Baker Hughes land rig count for the U.S is down by 112 units, roughly 6%, while the Canadian rig count is 30% below prior year levels. The oil rig count peaked at 1,432 in early Aug. 2012 and has since dropped by 22 units. Over the same period, the gas rig count has decreased by 60 units.

CLB trades within a 52-week range of $82.74 - $143.21.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: CLB

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