Summary
SLB LIMITED/NV (SLB) reported robust financial performance for the third quarter and the first nine months of 2024, demonstrating strong revenue and profit growth compared to the prior year. Total revenue for the third quarter increased by 10% year-over-year to $9.2 billion, while net income rose to $1.22 billion. For the first nine months, revenue was up 12% to $27.0 billion, with net income reaching $3.46 billion. This growth was driven by increased activity across its segments, particularly in the Middle East & Asia and international markets, as well as the positive impact of the Aker Solutions subsea business acquisition. The company also highlighted the strategic importance of its digital offerings and its positioning in long-cycle projects, which are expected to help navigate current market conditions characterized by fluctuating commodity prices and cautious customer spending. Looking ahead, SLB continues to focus on operational efficiencies, digital transformation, and strategic growth initiatives. The company reaffirmed its commitment to shareholder returns through dividends and share repurchases, while also making progress on significant strategic transactions, notably the pending acquisition of ChampionX Corporation, expected to close in Q1 2025. SLB's strong cash flow generation, healthy balance sheet, and diversified revenue streams provide a solid foundation for sustained performance and value creation for its investors.
Financial Highlights
46 data points| Revenue | $9.16B |
| R&D Expenses | $187.00M |
| Interest Expense | $136.00M |
| Net Income | $1.19B |
| EPS (Basic) | $0.84 |
| EPS (Diluted) | $0.83 |
| Shares Outstanding (Basic) | 1.42B |
| Shares Outstanding (Diluted) | 1.43B |
Key Highlights
- 1Total revenue for the third quarter of 2024 increased by 10% year-over-year to $9.16 billion, driven by strong performance across segments, particularly in Production Systems and Digital & Integration.
- 2Net income attributable to SLB for the third quarter of 2024 was $1.19 billion, or $0.83 per diluted share, up from $1.12 billion, or $0.78 per diluted share, in the prior year's quarter.
- 3Revenue for the first nine months of 2024 increased by 12% to $27.0 billion, with net income attributable to SLB reaching $3.37 billion ($2.34 per diluted share).
- 4The acquisition of Aker Solutions' subsea business in late 2023 contributed significantly to the year-over-year revenue growth, especially in the Production Systems segment.
- 5Digital & Integration revenue saw a 10% year-over-year increase for the first nine months, reflecting continued adoption of SLB's digital products and solutions.
- 6The company generated $4.21 billion in cash from operating activities for the first nine months of 2024, an increase from $3.62 billion in the prior year, showcasing strong operational cash flow.
- 7SLB announced a definitive agreement to acquire ChampionX Corporation in an all-stock transaction, expected to close in the first quarter of 2025, which is anticipated to enhance its portfolio in artificial lift and chemistry solutions.