By Denny Jacob

Schlumberger recorded higher revenue in its latest quarter, with strength in international markets helping to offset a soft North American market.

The oilfield services giant posted net income of $1.07 billion, or 74 cents a share, for the first quarter ended March 31, up from $934 million, or 65 cents a share, a year earlier. Adjusted earnings were 75 cents a share, matching analysts' estimates.

Revenue surged 13% to $8.71 billion from $7.74 billion. Analysts polled by FactSet had expected about $8.7 billion.

Revenue across all divisions increased year-over-year, with the production systems division leading the increase on a percentage basis.

Chief Executive Olivier Le Peuch said about half of the year-on-year revenue increase stemmed from the Aker subsea business, which was added as part of its OneSubsea joint venture in the fourth quarter.

"International revenue grew 18% year on year, compensating for a softer North American market, where revenue declined 6%," the chief executive added.

Write to Denny Jacob at

(END) Dow Jones Newswires

04-19-24 0721ET