SLB Schlumberger Ltd

   By Dave Sebastian 
 

Schlumberger Ltd. (SLB) swung to a third-quarter loss as it recorded pretax charges such as goodwill, intangible assets and fixed assets.

The Houston company Friday reported a loss for the third quarter of $11.38 billion, or $8.22 a share, compared with a profit of $644 million, or 46 cents a share, a year earlier. Analysts polled by FactSet were expecting a profit 41 cents a share. Schlumberger said it recorded a $12.7 billion pretax charge.

Excluding charges and credits, earnings were 43 cents a share, compared with 46 cents a share in the prior year. Analysts were expecting 40 cents a share.

Revenue rose to $8.54 billion from $8.5 billion. Analysts were expecting $8.5 billion.

Schlumberger's North American revenue declined to $2.85 billion from $3.19 billion a year ago, while international revenue rose to $5.63 billion from $5.22 billion.

The company saw a slower production growth rate in North America as operators maintained capital discipline by reducing drilling and fracturing activity, Schlumberger Chief Executive Olivier Le Peuch, who took the helm in August, said in prepared remarks.

"Our year-to-date high single-digit international revenue growth continues to be underpinned by international investment levels," Mr. Le Peuch said. "Market uncertainty, however, is weighing on future oil demand outlook in a climate where trade concerns are seen as challenging global economic growth."

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

October 18, 2019 07:23 ET (11:23 GMT)

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