Top US oilfield services firm SLB beats quarterly profit estimates
SLB beat Wall Street expectations for the second quarter profit on Friday as resilient demand in key'markets' helped the top U.S. oilfield services firm to overcome weakness in the Middle East caused by the Iran war.
Iran is now trying to close the Bab el-Mandeb entrance to the Red Sea, after choking off shipping through the Strait of Hormuz.
SLB's biggest market is the Middle East, which will account for 34% in total revenue in 2025. The company warned that disruptions would cost them 6 to 8 cents in the second quarter.
The revenue from Middle East and Asia fell 14% to $2.57 billion in the third quarter.
The Middle East revenue decline was offset by stable activity in North America, Latin America, and Europe.
North America's quarterly revenue increased 36% to $2.24 Billion.
Total revenue was $8.97 billion in comparison to $8.55 billion one year earlier.
According to data compiled LSEG, the company reported an adjusted profit of?55 cents?per?share for the quarter -ended June 30. This compares?with analyst's estimates of 51 cents per share. Reporting by Vallari Srivastava, Bengaluru. Editing by Sriraj Kulluvila.
(source: Reuters)
