Oilfield Service Company SLB Increased Net Profit by 14% in the First Quarter
US oil services company SLB (formerly Schlumberger) increased its net profit by 14.4% in the first quarter of 2024, driven by growth in international markets.
Net income in the January-March period was $1.068 billion, or 74 cents per share, compared with $934 million, or 65 cents per share, in the same period last year, the company said in a press release. Adjusted earnings rose to 75 cents per share from 63 cents.
Revenue grew by 12.6% and reached $8.707 billion.
Adjusted earnings and revenue were in line with the average forecast of analysts polled by FactSet.
SLB’s revenue in North America fell 6% in the last quarter to $1.6 billion. Meanwhile, revenue from international markets jumped 18% to $7.06 billion.
In January-March, the company repurchased 5.4 million of its shares for $270 million.
SLB’s Board of Directors approved dividends of $0.275 per share, which is the same as the previous quarter.
SLB shares are down 1.7% in pre-market trading on Friday. The company’s capitalization over the past three months has grown by 2.6% (to $72.5 billion), while the S&P 500 stock index added 4.8%.
