Schlumberger earnings (NYSE:SLB) were released early in the day Friday, unveiling a profit that met what the Wall Street consensus estimate was calling for, while the company’s revenue came in ahead of expectations, helping to lift SLB stock.
For its fourth quarter of its fiscal 2018, the Houston, Texas-based oilfield service company said that it brought in earnings of 36 cents per share, which marked a 25% decline compared to the company’s profit in its year-ago quarter. Analysts were projecting the company to amass earnings of 36 cents per share, according to data compiled by Zacks Investment Research.
Schlumberger added that its revenue for the period came in at $8.18 billion, which was roughly flat when compared to its fourth quarter of its fiscal 2017. The Wall Street consensus estimate was looking for the company to bring in revenue of $8.06 billion.
The company added that it experienced weakness in North America, which led to a 4% sequential sales decline. Schlumberger said that for its fiscal 2019, it sees its capital spending as being roughly in the range of $1.5 billion to $1.7 billion, below the $2.2 billion from its fiscal 2018, due in part to the company expecting an industry recovery in exploration and production spending.
“The recent oil price volatility has introduced more uncertainty around the E&P spending outlook for 2019, with customers generally taking a more conservative approach at the start of the year,” CEO Paal Kibsgaard said in the press release.
SLB stock was surging roughly 8.2% on Friday following the company’s strong quarterly showing.
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