Core Laboratories N.V. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenue of $171,852,000 against $149,542,000 a year ago. Operating income was $32,378,000 against $21,524,000 a year ago. Income before income tax expense was $29,661,000 against $18,976,000 a year ago. Net income attributable to the company was $21,691,000 against $15,459,000 a year ago. Diluted earnings per share were $0.49 against $0.35 a year ago. Net cash provided by operating activities was $45,917,000 compared to $23,203,000 a year ago. Capital expenditures were $4,511,000 compared to $3,616,000 a year ago. Operating income, excluding specific items was $32,735,000 against $21,924,000 a year ago. Net income attributable to the company, excluding specific items was $25,553,000 against $18,302,000 a year ago. Diluted earnings per share, excluding specific items were $0.58 against $0.41 a year ago. Free cash flow was $41,406,000.

For the full year, the company reported revenue of $659,809,000 against $594,741,000 a year ago. Operating income was $112,440,000 against $86,179,000 a year ago. Income before income tax expense was $101,706,000 against $74,607,000 a year ago. Net income attributable to the company was $83,125,000 against $63,895,000 a year ago. Diluted earnings per share were $1.88 against $1.46 a year ago. Net cash provided by operating activities was $124,271,000 compared to $131,887,000 a year ago. Capital expenditures were $18,775,000 compared to $11,356,000 a year ago. Free cash flow was $105,496,000.

The company projects first quarter 2018 revenue of approximately $168,000,000 to $172,000,000 and operating income of approximately $32,000,000 to $32,700,000, yielding operating margins of approximately 19%. EPS for the first quarter 2018 is expected to be approximately $0.56 to $0.58. This first quarter midpoint guidance by the company represents a year-over-year improvement in revenue by 8%, operating income by 33% and EPS by 36%. This initial first quarter 2018 guidance by Core Lab excludes gains or losses in foreign exchange and assumes an effective tax rate of 15%. First quarter 2018 free cash flow is expected to exceed net income and Core expects that it will continue to return all excess capital to its shareholders during the quarter via dividends and continuing share repurchases. The company expects its effective tax rate to be approximately 15%.

The company anticipates that its capital expenditure program will continue to expand in 2018, in line with the increases in business activity, possibly reaching the $25 million level, and as the company has previously stated, Core has the financial ability to increase its capital investments in support of the strengthening activities.