Schlumberger's Strategic Expansion Pays Off: Surpasses Q1 Topline Expectations, Commits To $7B Shareholder Return
Portfolio Pulse from Akanksha Bakshi
Schlumberger N.V. (NYSE:SLB) reported a 13% year-over-year revenue increase to $8.707 billion for Q1 2024, surpassing expectations. The growth was significantly driven by the Aker subsea business from the OneSubsea joint venture. Despite a 6% decline in North American revenue, international markets saw robust growth, particularly in the Middle East & Asia and Europe & Africa. Adjusted EPS matched consensus at $0.75, with adjusted EBITDA up 15% Y/Y. SLB announced a quarterly dividend and plans to return $7 billion to shareholders over the next two years, buoyed by confidence in global revenue growth and the ChampionX acquisition.
April 19, 2024 | 1:36 pm
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Schlumberger's Q1 2024 earnings surpassed expectations with a 13% revenue increase, largely due to the Aker subsea business. The company remains optimistic about global revenue growth, particularly from international markets, and announced a significant shareholder return plan of $7 billion over the next two years.
The positive earnings report and the strategic acquisition of the Aker subsea business contribute to a strong growth outlook for Schlumberger. The commitment to return $7 billion to shareholders reflects confidence in sustained financial performance and cash flow generation, likely to positively influence investor sentiment and stock price in the short term.
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