Summary
SLB LIMITED/NV (SLB) reported total revenue of $8.269 billion for the second quarter of 2019, which was essentially flat compared to the same period in the prior year ($8.303 billion). Net income attributable to Schlumberger increased to $492 million, or $0.35 per diluted share, from $430 million, or $0.31 per diluted share, in the second quarter of 2018. This improvement was driven by higher international revenue, which offset a decline in North America, as the company continued to navigate a challenging global energy market. Management noted a sequential increase in revenue and profitability, particularly in international markets, driven by strong activity in segments like Reservoir Characterization and Drilling. For the first six months of 2019, total revenue remained stable at $16.149 billion compared to $16.131 billion in the prior year. Net income attributable to Schlumberger for the six-month period was $913 million, or $0.65 per diluted share, down from $955 million, or $0.69 per diluted share, in the first half of 2018, impacted by a $184 million pretax charge recorded in the prior year's second quarter. The company is focusing on operational efficiencies and strategic international growth while anticipating continued investment moderation in North America. Despite these mixed results, SLB generated positive free cash flow and maintained a strong liquidity position.
Financial Highlights
48 data points| Revenue | $8.27B |
| R&D Expenses | $179.00M |
| Operating Income | $968.00M |
| Interest Expense | $156.00M |
| Net Income | $492.00M |
| EPS (Basic) | $0.36 |
| EPS (Diluted) | $0.35 |
| Shares Outstanding (Basic) | 1.38B |
| Shares Outstanding (Diluted) | 1.40B |
Key Highlights
- 1Total revenue for Q2 2019 was $8.269 billion, largely flat year-over-year.
- 2Net income attributable to Schlumberger increased to $492 million in Q2 2019 from $430 million in Q2 2018, resulting in diluted EPS of $0.35 compared to $0.31.
- 3International revenue increased by 8% year-over-year in Q2 2019, while North America revenue declined by 11%, reflecting a strategic shift in industry spending.
- 4The company reported a pretax charge of $184 million in Q2 2018 related to headcount reductions, which benefited the year-over-year comparison for Q2 2019 net income.
- 5For the first six months of 2019, revenue was $16.149 billion, flat year-over-year, and net income was $913 million ($0.65/share) down from $955 million ($0.69/share) in the comparable 2018 period.
- 6Free cash flow for the first six months of 2019 was $176 million, down from $100 million in the first six months of 2018.
- 7The company's balance sheet shows total assets of $70.591 billion and total liabilities of $34.318 billion as of June 30, 2019.