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Schlumberger full-year 2018 earnings up 8% despite Q4'18 loss

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Schlumberger full-year 2018 earnings up 8% despite Q4'18 loss

Oilfield services behemoth Schlumberger Ltd. reported Jan. 18, full-year 2018 normalized earnings of $1.62 per share, up 8% on the year and below the S&P Global Market Intelligence outlook for $1.64 per share, while earnings per share of 36 cents for the fourth-quarter 2018 were down 22% sequentially and below the S&P Global Market Intelligence outlook for 37 cents per share.

Fourth-quarter revenue of $8.2 billion was down 4% from the previous quarter, while full-year revenue was 8% higher year on year at $32.8 billion, marking the second successive year of growth for the company.

The full-year earnings gains were driven by North America operations, where revenue of $12.0 billion increased 26% from 2017, while international revenue of $20.4 billion was essentially flat compared with the previous year.

Excluding Cameron, however, international revenue for the second half of 2018 showed year-over-year growth of 3%, marking the beginning of a positive activity trend after three consecutive years of declining revenues, Schlumberger CEO Paal Kibsgaard said.

Schlumberger's stock price was down 37 cents, or 0.9%, at $41.00 per share in pre-market trade Jan. 18 on the New York Stock Exchange. The company will hold an earnings call at 8:30 a.m. ET on Jan. 18.