Schlumberger Beats 3Q Earnings Expectations

Schlumberger Limited SLB reported 3Q 2014 results Thursday and beat expectations.

The company reported revenue of $12.6 billion, in-line with expectations, versus $12.1 billion in the second quarter of 2014, and $11.6 billion in the third quarter of 2013.

Third-quarter revenue was up 5 percent sequentially and increased 9 percent year-over-year with International Areas revenue of $8.3 billion growing $222 million, or 3 percent sequentially, while North America Area revenue of $4.3 billion increased $367 million, or 9 percent sequentially.

Diluted earnings-per-share from continuing operations was $1.49, above the average estimate of $1.46 and above the $1.37 reported in the previous quarter, and $1.29 in the third quarter of 2013 - an increase of 9 percent sequentially and an increase of 16 percent year-over-year.

Schlumberger CEO Paal Kibsgaard commented, "Strong activity in North America and robust growth in International Areas, led by Latin America and supported by Europe/Africa/CIS in spite of international sanctions in Russia, drove third-quarter results to a new record high. At the same time, Middle East & Asia proved highly resilient in the face of significant headwinds in Northern Iraq. All Areas and all Groups recorded growth, backed by new technology penetration and strong operational execution."

Schlumberger Limited recently traded at $93.00 in the premarket, up 2.6 percent.