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Schlumberger stock surges after profit beats, and revenue tops forecasts for first time in 4 quarters

Economy, Finance

Shares of Schlumberger Ltd. rose 1.4% in premarket trading, bucking the selloff among its energy peers and the broader stock market, after the oil services company topped profit forecasts, and beat revenue expectations for the first time in four quarters. Net income rose to $374 million, or 27 cents a share, from $333 million, or 24 cents a share, in the year-ago period. Excluding non-recurring charges and credits, adjusted earnings per share fell to 22 cents from 39 cents, but were above the FactSet consensus of 17 cents. Revenue declined 33% to $5.53 billion, but beat the FactSet consensus of $5.24 billion. Among the company’s business divisions, well construction revenue fell 38% to $1.87 billion, production systems revenue slid 23% to $1.65 billion, reservoir performance revenue dropped 41% to $1.25 billion and digital and integration revenue declined 25% to $833 million. “We concluded the year posting very strong fourth-quarter results, as we leveraged the industry recovery, which has now commenced,” said Chief Executive Olivier Le Peuch. The stock’s early rally comes while the SPDR Energy Select Sector ETF falls 1.9% premarket and futures for the S&P 500 drop 0.7%.

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