Schlumberger 4Q Revenue Beats Estimates Aided by International Growth
19 January 2024 - 11:38PM
Dow Jones News
By Denny Jacob
Schlumberger logged better-than-expected revenue in the latest
quarter, aided by international growth.
The company, which provides technology for drilling, production
and processing to the oil and gas industry, logged net income of
$1.11 billion, or 77 cents a share, for the fourth quarter ended
Dec. 31, up from $1.07 billion, or 74 cents a share, a year
earlier. Adjusted earnings were 86 cents a share, above analysts'
estimates of 84 cents.
Revenue rose to $8.99 billion from $7.88 billion. Analysts
polled by FactSet expected $8.96 billion.
Chief Executive Olivier Le Peuch said the acquired Aker subsea
business accounted for about 70% of the sequential revenue growth.
He added that international revenue outpaced North America, growing
18% while the latter region was relatively flat, compared to the
same quarter last year.
"In the international environment, despite elevated geopolitical
tensions in various regions, we do not anticipate a significant
impact on the sector's overall activity, absent any escalation,"
said Le Peuch.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 19, 2024 07:23 ET (12:23 GMT)
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