SLB Increased Revenue By 14% in The Fourth Quarter
US oil services company SLB (formerly known as Schlumberger) increased its net profit by 4% in the fourth quarter of 2023, with adjusted earnings and revenue exceeding market expectations.
Net income in the October-December period was $1.11 billion, or 77 cents per share, compared with $1.07 billion, or 74 cents per share, in the same period last year, the company said in a press release.
Adjusted earnings were 86 cents per share.
Revenue grew 14% to $8.99 billion.
Experts polled by FactSet on average estimated adjusted earnings of 84 cents per share on revenue of $8.96 billion.
SLB’s revenue in North America remained almost unchanged in the past quarter and amounted to $1.64 billion. Revenue from operations in international markets increased by 18% to $7.29 billion.
“On the international stage, despite increasing geopolitical tensions in various regions, we do not expect a significant impact on overall activity in the sector, unless there is an escalation,” said the company’s head Olivier de Peche, whose words are quoted in the press release.
SLB’s board of directors also approved an increase in quarterly dividends by 10% to $0.275 per share.
The company’s shares are down 0.2% in pre-market trading on Friday.
