Oilfield services company Core Laboratories N.V.’s CLB first-quarter 2016 adjusted diluted earnings of 37 cents per share came in line with the Zacks Consensus Estimate. The bottom line, however, was substantially below the year-ago quarter earnings of 85 cents per share. Reduced drilling activity levels, primarily in North America, affected the results. Total quarterly revenue of $153.6 million missed the Zacks Consensus Estimate of $156 million and was nearly 28% below the prior-year quarter level of $213.6 million.Segment PerformanceReservoir Description: Segment revenues were $101.5 million compared with $121.8 million in first-quarter 2015. Lower activity levels hampered the results.Operating income (excluding foreign exchange losses) for the unit was about $18.7 million in the reported quarter. Operating margin for the quarter was above 18%.Production Enhancement: Segment revenues were approximately $44.1 million in the reported quarter as against $75.1 million in first-quarter 2015. Reduced North American drilling activity hurt the results.Operating income (excluding foreign exchange losses) for the unit was about $4.5 million in the reported quarter. Operating margin for the quarter was 10%. Reservoir Management: Segment revenues of about $8 million plunged nearly 52.5% year over year.Operating income (excluding foreign exchange losses) was $0.5 million. Operating margin for the quarter was about 7%.Balance Sheet & Free Cash FlowAs of Mar 31, 2016, Core Laboratories had cash and cash equivalents of $16.7 million. Capital expenditures for the first quarter were $2.9 million.The company generated free cash flow of approximately $43.2 million.Quarterly Dividend & Share RepurchaseOn Apr 14, 2016, the company’s board of directors announced its second-quarter dividend. Core Laboratories will pay a cash dividend of 55 cents per share. This is same as the previous payout. The dividend will be paid on May 24 to shareholders on record as of May 4.GuidanceThe company anticipates a sharp fall in North American rig count in the second quarter owing to weak commodity pricing.For the second quarter, Core Laboratories expects earnings per share in the 34–36 cents range. The company expects second-quarter revenues to be in the $145–$150 million range.Zacks Rank and Stocks to ConsiderCurrently, Core Laboratories carries a Zacks Rank #5 (Strong Sell).Some better-ranked players from the energy sector are Vanguard Natural Resources, LLC VNR, OMV Aktiengesellschaft OMVJF and PetroChina Co. Ltd. PTR. All these stocks sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CORE LABS NV (CLB): Free Stock Analysis Report PETROCHINA ADR (PTR): Free Stock Analysis Report OMV AG ADS (OMVJF): Free Stock Analysis Report VANGUARD NATURL (VNR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research