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Schlumberger's stock surges after profit and revenue beat expectations

Shares of Schlumberger Ltd. (SLB) rallied 1.7% in premarket trading Friday, after the oil services company reported fourth-quarter profit and revenue that exceeded expectations. Net income fell to $333 million, or 24 cents a share, from $538 million, or 39 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 39 cents, up from 36 cents, and above the FactSet consensus of 37 cents. Revenue rose to $8.32 billion from $8.18 billion, beating the FactSet consensus of $8.16 billion, as revenue from its reservoir characterization, drilling, production and Cameron business segments all topped expectations. Free cash flow was $1.5 billion for the quarter and $2.7 billion for the year. "After a strong free cash flow performance in the second half of 2019, we are confident in our ability to further improve cash flow generation in 2020," said Chief Executive Olivier Le Peuch. The stock has run up 21.6% over the past three months through Thursday, while the VanEck Vectors Oil Services ETF (OIH) has gained 13.9% and the S&P 500 has advanced 10.6%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

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01-17-20 1334ET

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