Schlumberger Ltd

SLB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$32.00	Rqwwtll	Knxwvmsr

SLB Earnings: Digital and Integration Segment Continues to Shine

Stephen Ellis ,

Apr 19, 2024

SLB posted impressive first-quarter earnings as its international market strength made up for weakness in North America. We see its 13% year-over-year revenue increase to $8.7 billion and a similar 15% year-over-year adjusted EBITDA bump as reinforcement of the company’s solid competitive position among peers. Both results were in line with our expectations for a strong start to 2024. At first glance, we do not anticipate a change to our $62 fair value estimate or narrow moat rating.

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