Schlumberger-斯伦贝谢：数字化与集成业务达到预期；良好的成本管理；2024财年利润率指引步入正轨

Investment Rating - The report does not explicitly state an investment rating for Schlumberger (SLB US) [1][2][3] Core Views - Schlumberger's Q3 2024 performance is expected to be positively received by the market, with adjusted net income of $1.507 billion, surpassing consensus estimates [2] - The company reaffirmed its FY2024 adjusted EBITDA growth guidance of approximately 14-15%, with EBITDA margins expected to reach or exceed 25% [2] - Digital & Integration business exceeded expectations with revenue of$ 386 million, up 23% YoY, and an operating income margin of 35%, higher than the consensus of 32% [3] - Reservoir Performance business underperformed with revenue of $367 million, down 9% YoY, and an operating income margin of 20%, below the consensus of 21% [3] - Well Construction business met expectations with revenue of$ 3.312 billion, down 3% YoY, and an operating income margin of 22%, in line with consensus [3] - Production Systems business outperformed with revenue of $3.096 billion, up 31% YoY, and an operating income margin of 17%, higher than the expected 16% [3] Financial Performance Summary - Total revenue for Q3 2024 was$ 9.159 billion, slightly below consensus but up 10% YoY [5] - Adjusted EBITDA for Q3 2024 was $2.343 billion, up 13% YoY, with a margin of 26%, higher than the consensus of 25% [5] - Adjusted net income for Q3 2024 was$ 1.507 billion, up 34% YoY, with a margin of 16%, higher than the consensus of 14% [5] - Diluted EPS for Q3 2024 was $0.85, up 9% YoY [5] Business Segment Performance - **Digital & Integration**: Revenue of$ 1.088 billion, up 11% YoY, with operating income of $386 million, up 23% YoY, and a margin of 35% [5] - **Reservoir Performance**: Revenue of$ 1.823 billion, up 9% YoY, with operating income of $367 million, up 7% YoY, and a margin of 20% [5] - **Well Construction**: Revenue of$ 3.312 billion, down 3% YoY, with operating income of $714 million, down 6% YoY, and a margin of 22% [5] - **Production Systems**: Revenue of$ 3.103 billion, up 31% YoY, with operating income of $519 million, up 63% YoY, and a margin of 17% [5]