SLB in Q3 Increased Net Profit by 24%, Revenue by 11%
American oilfield services company SLB (formerly known as Schlumberger) in the third quarter increased net income by 24%, revenue by 11%, with adjusted earnings per share exceeding market expectations by 1 cent, and revenue only slightly below forecasts.
Net income in July-September was $1.12 billion, or 78 cents per share, compared with $907 million, or 63 cents per share, in the same period last year, the company said in a press release.
Adjusted earnings also came to 78 cents per share.
Revenue grew 11% to $8.31 billion.
Experts polled by FactSet on average estimated adjusted earnings of 77 cents per share on revenue of $8.32 billion.
Schlumberger’s revenue in North America in the last quarter increased by 6% and reached $1.64 billion. Income from work in international markets increased by 12% – to $6.61 billion.
The company’s board of directors approved the quarterly dividend at $0.25 per share.
Schlumberger shares are down 2.1% in pre-market trading on Friday. Since the beginning of this year, the company’s capitalization has increased by 12.2% (to $86.1 billion), while the Standard & Poor’s 500 stock index has grown by 11.4% over this period.
