Schlumberger shares rise premarket after company tops earnings estimates and offers upbeat outlook

Schlumberger Ltd. shares
SLB,
-0.13%
rose 1.4% premarket Friday, after the energy giant beat estimates for the fourth quarter and said it expects demand-led capital spending in the sector to create a multiyear growth cycle. The Houston, Tx.-based company posted net income of $601 million, or 42 cents a share, for the quarter, up from $374 million, or 27 cents a share, in the year-earlier period. Adjusted per-share earnings came to 41 cents, ahead of the 39 cent FactSet consensus. Revenue climbed 13% to $6.225 billion from $5.532 billion, also ahead of the $6.085 billion FactSet consensus. “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,” Chief Executive Olivier Le Peuch said in a statement. “We believe this will result in a material step up in industry capital spending with simultaneous double-digit growth in international and North American markets.” Shares have gained 53% in the last 12 months, while the S&P 500
SPX,
-1.10%
has gained 16%.