Schlumberger: fourth-quarter profit up 9%
(CercleFinance.com) - Schlumberger, the world's largest oil service company, said on Friday that it finished the year 2019 with "a very solid quarter," with fourth-quarter profit up 9%, which topped Wall Street expectations.
Boosted by strength in the international business, net profit for the Houston-based company - which provides technology and services to oil and gas companies - rose to 545 million dollars, or 39 cents per share, from 498 million dollars, or 36 cents per share, a year earlier.
The consensus expected EPS of 37 cents.
Total revenue rose by 1% to 8.2 billion dollars, while analysts were expecting a tad below, at 8.15 billion dollars.
In its statement, Schlumberger said it has ended the year with 2020 oil demand growth sentiment turning "positive," as uncertainty receded following the progress made toward a US-China trade deal.
Looking ahead, the effect of slowing North America production growth is likely to cause tightness in the market, and further stimulate international operators to step up investments in the second half of the year and beyond, it added.
The shares were up almost 3% in pre-market trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.