Editor’s Note: This article was updated on Oct. 16, 2020, to correct the spelling of Olivier Le Peuch’s name.
Schlumberger (NYSE:SLB) earnings for the oilfield service company’s third quarter of 2020 have SLB stock dipping lower on Friday. This comes after reporting adjusted earnings per share of 16 cents and revenue of $5.26 billion. These are mixed results next to Wall Street’s estimates of 12 cents per share and revenue of $5.38 billion.
Here’s what else is worth noting from the most recent Schlumberger earnings report.
- Adjusted per-share earnings are down 63% from 43 cents in the same period of the year prior.
- Revenue for the quarter comes in 38% lower than the $5.36 billion reported in Q3 2019.
- The Schlumberger earnings report also has its net loss coming in at $82 million.
- That’s a 92.8% improvement over the company’s net loss of $11.38 billion from the same time last year.
Olivier Le Peuch, CEO of Schlumberger, said this in the earnings report.
“Our results in the third quarter clearly demonstrate our focus on execution, returns, and customer performance. Margins expanded sequentially while pretax segment operating income and adjusted EBITDA grew 45% and 21%, respectively, highlighting notable progress in the rest of our earnings power and further demonstrating our execution capabilities as we transition to our new organization.”
Schlumberger doesn’t include an outlook for the fourth quarter of the year or the full year of 2020 in its earnings report. Wall Street’s estimate for the year includes adjusted EPS of 56 cents on revenue of $23.53 billion.
SLB stock was down 7.6% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Article printed from InvestorPlace Media, https://investorplace.com/2020/10/schlumberger-earnings-drop-slb-stock/.
©2020 InvestorPlace Media, LLC