Early Access

10-QPeriod: Q2 FY2024

SLB LIMITED/NV Quarterly Report for Q2 Ended Jun 30, 2024

Filed July 24, 2024For Securities:SLB

Summary

SLB LIMITED/NV (SLB) reported strong financial results for the second quarter and first half of 2024, demonstrating robust revenue growth and improved profitability. Total revenue for the second quarter reached $9.1 billion, a 12% increase year-over-year, driven by broad-based international revenue growth and increased client investments in key areas like deepwater basins, exploration, and digital solutions. The company's strategic focus on international markets, particularly in the Middle East & Asia, coupled with its enhanced offshore exposure, contributed significantly to this performance. Net income attributable to SLB for the second quarter was $1.11 billion, resulting in diluted earnings per share of $0.77, both showing year-over-year improvement. The company also highlighted progress on its strategic initiatives, including the pending acquisition of ChampionX Corporation, which is expected to close in late 2024 or early 2025. SLB's commitment to returning capital to shareholders was evident through a 10% dividend increase and a stepped-up share repurchase program, signaling confidence in its financial health and future prospects.

Financial Highlights

46 data points
Beta

Revenue

$9.14B

Net Income

$1.11B

0.1% Net Margin

EPS (Diluted)

$0.77

Total Assets

$49.37B

Cash & Equivalents

$2.95B

Free Cash Flow

$973.00M

Financial Statements
Beta
Revenue$9.14B
R&D Expenses$188.00M
Interest Expense$132.00M
Net Income$1.11B
EPS (Basic)$0.78
EPS (Diluted)$0.77
Shares Outstanding (Basic)1.43B
Shares Outstanding (Diluted)1.44B

Key Highlights

  • 1Total revenue for Q2 2024 was $9.1 billion, a 12% increase compared to $8.1 billion in Q2 2023.
  • 2Net income attributable to SLB increased to $1.11 billion in Q2 2024 from $1.03 billion in Q2 2023.
  • 3Diluted earnings per share rose to $0.77 in Q2 2024 from $0.72 in Q2 2023.
  • 4International revenue saw significant growth, driven by strong performance in the Middle East & Asia and increased offshore activity.
  • 5The company announced a definitive agreement to acquire ChampionX Corporation, expected to close in Q4 2024 or Q1 2025.
  • 6SLB increased its 2024 target for total returns of capital to shareholders to $3 billion, including additional share repurchases.
  • 7Free cash flow for the first six months of 2024 was $554 million, compared to $721 million in the prior year period.

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