Benzinga | Jan 21, 2022 08:36AM EST

Schlumberger Clocks 13% Revenue Growth in Q4, Beats Consensus

* Schlumberger Ltd (NYSE:SLB) reported fourth-quarter revenue growth of 13% year-over-year to $6.22 billion, beating the consensus of $5.34 billion.

* Revenue by divisions: Digital & Integration $889 million (+7% y/Y), Reservoir Performance $1.29 billion (+3% Y/Y), Well Construction $2.39 billion (+28% Y/Y), and Production Systems $1.76 billion (+7% Y/Y).

* The company's Well Construction revenue increased 5% sequentially, driven by higher measurements and drilling fluids activity and increased drilling equipment sales.

* International revenue grew 5% sequentially to $4.9 billion, driven by strengthening activity, increased digital sales, and early benefits of pricing improvements.

* Adjusted EPS improved 86% Y/Y to $0.41, beating the consensus of $0.34.

* Pretax segment operating income totaled $986 million (+51% Y/Y), and margin expanded 401 bps to 15.8%.

* Adjusted EBITDA was $1.38 billion (+24% Y/Y), and margin expanded by 208 bps to 22.2%.

* Schlumberger generated cash from operations for FY21 of $4.65 billion. Free cash flow was $3 billion.

* Schlumberger's board approved a quarterly cash dividend of $0.125 per share, payable on April 7, 2022, to stockholders of record on February 9, 2022.

* "Looking ahead into 2022, the industry macro fundamentals are very favorable, due to the combination of projected steady demand recovery, an increasingly tight supply market, and supportive oil prices," said CEO Olivier Le Peuch.

* Price Action: SLB shares are trading lower by 3.10% at $35.90 during the premarket session on Friday.

* Photo: Courtesy of Schlumberger