SLB: mixed Q3 results

(CercleFinance.com) - SLB reported slightly better-than-expected Q3 earnings on Friday, although sales fell short of market expectations.


The former Schlumberger, the world's leading oilfield services company, posted net earnings of $1.27bn over the past three months, up 13% from $1.12bn a year earlier.

With an adjusted operating margin of 25.6% for the quarter, the Houston, Texas-based group said it was well on the way to achieving its target of an operating margin of at least 25% this year.

SLB explained that it was benefiting from its cost optimization measures, customer adoption of its technologies and digital tools, and the contribution of long-term projects in deepwater and gas.

Although Q3 sales were up 10% at almost $9.16bn, they fell short of the consensus of $9.25bn.

Following these mixed results, SLB shares were down 1.8% in pre-market trading on Friday morning.


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