Core Laboratories amends Q4 2023 results; net income cut by $4.3M on tax error

Core Laboratories Inc. /DE/

2023-FY EPS reported $0.77 revenue$509,790,000

Q4 2023 GAAP net income restated to $2.2M from $6.5M; diluted EPS revised to $0.05 from $0.14.
FY 2023 GAAP net income restated to $36.7M from $40.9M; diluted EPS revised to $0.77 from $0.86.
Understated income tax expense of $4.3M in Q4 due to reassessment of foreign tax credits after redomestication.
Revenue, operating income, and cash from operations unchanged; ROIC revised from 13.4% to 12.0%.
Management reaffirms Q1 2024 effective tax rate guidance of 20%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Core Laboratories Inc. /DE/ reported for the quarter and year ended December 31, 2023 results: revenue $128,210, net income $2,434, EPS $0.05.

Period: for the quarter and year ended December 31, 2023
Revenue: $128,210
Net income: $2,434
EPS: $0.05
Result: reported results

Exact text from the filing

OF OPERATIONS (In thousands, except per share data) (Unaudited) Quarter Ended % Variance December 31, 2023 September 30, 2023 December 31, 2022 vs. Q3-2023 vs. Q4-2022 REVENUE $ 128,210 $ 125,343 $ 127,571 2.3% 0.5% OPERATING EXPENSES: Costs of services and product sales 101,517 96,617 99,816 5.1% 1.7% General and administrative expense 8,665 9,452 8,724 (8.3)%

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Source: SEC EDGAR

accession 0000950170-24-015482

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