Proactive Investors - Schlumberger Limited. (NYSE:SLB)'s third-quarter earnings topped expectations on a strong international performance, with international revenue growing 12% year-over-year during the quarter.
For the three months ending September 30, 2023, the petroleum industry technology and services provider posted revenue of $8.31 billion, up 11% year-over-year.
This missed Wall Street estimates of $8.32 billion by $10 million.
Adjusted earnings per share (EPS) grew 24% year-on-year to $0.78, ahead of the Street estimate of $0.77.
Its profits also grew 24% over the third quarter of last year at $1.12 billion.
Schlumberger CEO Olivier Le Peuch attributed the company’s sequential revenue growth to strong performance in the Middle East and Asia.
“Third-quarter revenue increased 3% sequentially—by more than $200 million—driven by the Middle East and Asia, which increased 8% in the quarter and continues to demonstrate positive investment momentum,” he said.
“Our strong quarterly performance was propelled by broad-based growth across Saudi Arabia, the United Arab Emirates, Indonesia, China, Malaysia, Kuwait, and Oman.”
He added that revenue in the company’s offshore business grew as its activity continued to benefit from operators working to renew supply, accelerate cycle times, and increase the productivity of their assets. “This was particularly notable in offshore Africa, Brazil, and Scandinavia,” he said.
Schlumberger stock traded modestly higher Friday’s opening well, up 0.1% at US$60.