Schlumberger Non-GAAP EPS of $0.85 beats by $0.02, revenue of $9.14B beats by $50M

Schlumberger press release (NYSE:SLB): Q2 Non-GAAP EPS of $0.85 beats by $0.02.
Revenue of $9.14B (+4.9% Y/Y) beats by $50M.
Adjusted EBITDA of $2.29 billion increased 11% sequentially and 17% year-on-year
Cash flow from operations was $1.44 billion and free cash flow was $776 million
Board approved a quarterly cash dividend of $0.275 per share.
SLB CEO Olivier Le Peuch commented, “We achieved solid second-quarter results, with broad-based international revenue growth and margin expansion across all Divisions. Our Core business continued to build on its positive momentum and our digital business accelerated, resulting in our highest quarterly international revenue since 2014. These results demonstrate SLB’s strong position in key, resilient markets, as we continue to benefit from elevated activity in the Middle East & Asia, particularly in gas, and our clients’ increased investments in deepwater basins, exploration, and digital.”
Sequentially, revenue grew 5%, led by the Middle East & Asia, which increased 6%. The increase in this area was driven by capacity expansions, gas development projects, and production and recovery, with a majority of GeoUnits in the area achieving record revenue. We also continued to benefit from our enhanced offshore exposure, particularly in deepwater basins across Latin America, Europe & Africa, and in the US Gulf of Mexico.
Shares +2.38% PM.

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