Schlumberger Ltd. (NYSE: SLB) reported its most recent quarterly results on Friday morning. The oilfield services firm said that it had $0.36 in earnings per share (EPS) and $8.18 billion in revenue, which compares with consensus estimates calling for $0.36 in EPS on revenue of $8.03 billion. The same period of last year reportedly EPS of had $0.48and $8.18 billion in revenue.
Overall, fourth-quarter revenue declined 4% sequentially driven by lower activity and pricing for most production- and Cameron-related businesses in North America. Lower revenue from OneSubsea also drove the decline, but management has booked more than $600 million in new project orders during the quarter.
During this quarter, Shearwater GeoServices completed the purchase of the WesternGeco marine seismic acquisition assets and operations. Schlumberger received a cash consideration of $600 million plus a 15% post-closing equity interest in Shearwater GeoServices.
The board of directors approved a quarterly cash dividend of $0.50 per share of outstanding common stock, payable on April 12, 2019, to stockholders of record on February 13, 2019.
Paal Kibsgaard, board chair and chief executive, commented:
Full-year 2018 revenue of $32.8 billion increased 8% year-on-year and grew for the second successive year. Performance was driven by North America where revenue of $12.0 billion increased 26% due to the results of our OneStim business, which grew by 41%. Full-year international revenue of $20.4 billion was essentially flat compared with 2017. However, excluding Cameron, international revenue for the second half of 2018 showed year-over-year growth of 3%, marking the beginning of a positive activity trend after three consecutive years of declining revenues.
Shares of Schlumberger closed Thursday at $41.37, in a 52-week range of $34.99 to $80.35. The stock has a consensus analyst price target of $56.68. Following the announcement, the stock was up about 3% at $42.60 in early trading indications Friday.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
