Schlumberger Limited. (NYSE:SLB) has reported revenue and earnings that topped expectations, supported by its international operations.
For the three months ending December 31, 2023, the petroleum industry technology and services provider posted revenue of $8.99 billion, up 14% year-over-year and ahead of the $8.96 billion expected by Wall Street analysts.
The company noted that international revenue outpaced North America, growing 18% while North America was relatively flat.
Excluding the acquired Aker subsea business acquired in 2023, it said international revenue grew 10% year on year, marking the 10th consecutive quarter of double-digit growth.
Adjusted earnings per share jumped 21% from a year earlier to $0.86, beating the $0.84 consensus expectation of analysts polled by Zacks Investment Research.
“We have concluded a remarkable year marked by widespread revenue growth, margin expansion, and exceptional free cash flow,” CEO Olivier Le Peuch commented in a statement.
“Year on year, we grew revenue and EBITDA 18% and 25%, respectively, and we delivered $4.0 billion of free cash flow—allowing us to reduce net debt by $1.4 billion and return $2.0 billion to shareholders this year through dividends and stock repurchases. These results showcase our continued ability to deliver superior earnings, generate impressive cash flows, and maintain a strong balance sheet.”
Ahead of the opening bell, Schlumberger’s shares were up 1.7% at $49.40.