Core Laboratories NV on Tuesday raised its second-quarter profit forecast above Wall Street estimates, citing stronger-than-expected performance across all of its operating segments.
Netherlands-based Core Laboratories, which provides services to the oil and gas industry, lifted its second-quarter income prediction to a range of $1.15 to $1.17, from a previous forecast of $1.05 to $1.10. Analysts polled by Thomson Financial expect income of $1.09 per share for the quarter ending in June.
Core Laboratories forecast net income of $28 million to $28.6 million for the quarter, with revenue of $162 million to $165 million. Analysts expect $161.8 million in revenue.
The company said its net income forecast represents year-over-year growth of 50 percent, while its revenue projection represents growth of 17 percent.
Shares of Core Laboratories lost $2, or 2.2 percent, to $91.09 in regular trading
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