Core Labs Lowers Fourth Quarter, Year Guidance

Citing reduced spending by oil companies, Core Laboratories(CBL Quote) cut earnings guidance for the fourth quarter and the coming fiscal year.

The Houston petroleum consultant said it expects to earn 18 cents to 22 cents a share in the fourth quarter; analysts were expecting it to earn 26 cents a share. Sales will be about $90 million. For next year the company now expects to earn between 86 cents and 90 cents a share on revenues of $350 million to $370 million, also below previous estimates.

In trading Thursday, the company's shares lost 19 cents to $14.20.