Core Labs Earnings: No Surprises in Results but Rightsizing Initiatives Bearing Fruit

Wide-moat Core Labs' second-quarter results were solid and in line with our prior expectations. Revenue of nearly $131 million, up roughly 2% year over year, was in near lockstep with what we penciled in. Operating margins, excluding extraordinary items, of 13% were also spot on. We see no reason to change our $22 fair value estimate.