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.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100