Core Labs Lowers Fourth Quarter, Year Guidance

Citing reduced spending by oil companies,

Core Laboratories

(CBL) - Get Report

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.