Categories Earnings, Energy

Schlumberger (SLB) makes modest gains post Q3 results on international strength

Schlumberger Limited (NYSE:SLB) posted revenues of $8.5 billion for the third quarter of 2019, flat year-over year, as strength in international activity was offset by pricing weakness in North America. The Q3 revenue was in line with the street estimate.

During the third quarter, revenue from international markets increased 8% to $5.6 billion, while that from North America slid 11% to $2.85 billion.

Meanwhile, adjusted income for the quarter fell to 43 cents per share, from 46 cents per share last year, hurt by higher expenses. This was three cents higher than what the market anticipated.

Schlumberger CEO Olivier Le Peuch said in a statement, “Our year-to-date high single-digit international revenue growth continues to be underpinned by international investment levels. Market uncertainty, however, is weighing on future oil demand outlook in a climate where trade concerns are seen as challenging global economic growth.”

SLB shares were trading 1.7% higher immediately following the announcement. The stock has declined over 13% so far this year.

The company continues to get hurt by the negative sentiments on the oil & gas industry, which is particularly sensitive to the global economic slowdown. The oilfield services industry continues to face low capacity utilization and depressed margins due to lower exploration and production capital expenditure.

Get access to timely and accurate verbatim transcripts that are published within hours of the event

Also Read:  Twitter (TWTR) Earnings: Key numbers from 2Q20 financial results

Most Popular

Novavax (NVAX) tops Q2 2020 bottom line targets, misses revenue views

Novavax (NASDAQ: NVAX) reported a loss of $17.5 million or $0.30 per share for the second quarter of 2020. Revenue jumped to $35.54 million in Q2 from $3.36 million in

Tilray Q2 loss widens despite revenue growth; results miss

https://www.youtube.com/watch?v=KqNZ-_X4F8k&t=2s Cannabis company Tilray, Inc. (NASDAQ: TLRY) Monday reported a wider net loss for the second quarter of 2020, despite a marked increase in revenues. Revenues of the Canada-based company

Infographic: Duke Energy Q2 2020 Earnings Results

Duke Energy (NYSE: DUK) reported second-quarter financial results before the market opened on Monday.  The energy holding company surpassed earnings expectations by 5 cents per share during the quarter. DUK

Top