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Schlumberger posts higher Q4'19 income, but FY'19 income drops

Oilfield services provider Schlumberger Ltd. on Jan. 17 reported fourth-quarter 2019 net income of $545 million, or 39 cents per share, rising from $498 million, or 36 cents per share, in the same period in 2018.

The results beat the S&P Global Market Intelligence consensus estimate for the fourth quarter of 2019 of 37 cents per share.

On a GAAP basis, the company reported a net income of $333 million, or 24 cents per share, down from $538 million, or 39 cents per share, in the same quarter in 2018.

The company's fourth-quarter revenue for 2019 was $8.23 billion, up from $8.18 billion in the same period in 2018. The revenue was driven by international revenue, which was $5.72 billion for 2019, an increase from $5.28 billion in the same quarter in 2018. North America revenue amounted to $2.45 billion, down from $2.82 billion.

Net income for full year 2019 totaled $2.05 billion, or $1.47 per share, a decrease from $2.26 billion, or $1.62 per share, in 2018.

The S&P Global Market Intelligence consensus normalized earnings estimate for the full year was $1.45 per share.

On a GAAP basis, Schlumberger reported a net loss of $10.14 billion for 2019, or a loss of $7.32 per share, compared with a net income of $2.14 billion, or $1.53 per share, in 2018.

The company's full-year revenue for 2019 hit $32.92 billion, an increase from $32.82 billion in 2018.