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.
24/7 Wall St.Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
