Schlumberger Lifts FY22 Forecast - Update

(RTTNews) - Oilfield services company Schlumberger Ltd. (SLB), while reporting higher second-quarter results on Friday, lifted fiscal 2022 forecast.

In pre-market activity on the NYSE, the shares were gaining around 2.1 percent to trade at $34.34.

For the year, the company expects year-on-year revenue growth to be in the high-teens which translates to full-year revenue of at least $27 billion. The company previously expected full-year year-on-year revenue growth in the mid-teens.

Further, the higher revenue are expected to result in earnings that exceed previous expectations, given the company's ambition to exit the year with adjusted EBITDA margins 200 basis points higher than in the fourth quarter of 2021.

Previously, the company had said that despite the uncertainty linked to Russia, the then market dynamics would allow it to maintain full-year ambitions of adjusted EBITDA margins exiting the year at least 200 basis points higher than the fourth quarter of 2021.

Schlumberger CEO Olivier Le Peuch said, "Looking ahead, the second half of the year continues to shape up very well as highlighted in our revised expectations for the full year..."

Further, Schlumberger's Board of Directors on Thursday approved a quarterly cash dividend of $0.175 per share, payable on October 13 to stockholders of record on September 7.