Seeking AlphaCodex · 实盘不做把握 5/10
北京时间·🕒 发布 01:22:12时区推断·⟳ 抓取 01:25:45·⚡ 决策 07-25 01:26:44 +59s·94.8 天前
SLB 二季度业绩超预期并上调三季度环比收入预期，盘中股价已大涨约10%
SLB 二季度调整后 EPS 0.55 美元高于 FactSet 预期 0.51 美元，收入 89.7 亿美元也高于 86.7 亿美元预期。
📄 原文Seeking Alpha↗ 原文
SLB soars 10% on strong activity outside Middle East war disruptions
SLB (SLB) up 10.4% in Friday's trading, making it one of the two top gainers on the S&P 500, after topping Wall Street…
不做 SLB（SLB.US）
排期财报盘前已披露，信号到达时美股盘中已大涨约9%–10%；业绩虽超预期但追高 edge 不足，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- SLB 发布二季度业绩，披露收入 89.7 亿美元、调整后 EPS 0.55 美元、自由现金流 7.16 亿美元。
- 公司召开业绩电话会，管理层进一步说明中东活动逐步恢复和数据中心业务 run-rate 目标。
- Seeking Alpha 报道 SLB 因业绩超预期和中东以外活动强劲盘中大涨 10.4%。市场反应:信号到达时 SLB 已是标普 500 涨幅居前个股之一。
- Barron's 报道 SLB 因二季度业绩好于预期上涨约 9.4% 至 51.66 美元。市场反应:盘中大幅同向反应已发生。
关键理由
- SLB 二季度调整后 EPS 0.55 美元高于 FactSet 预期 0.51 美元，收入 89.7 亿美元也高于 86.7 亿美元预期。
- 公司指引三季度收入环比增长 3%–4%，并称中东活动在阿联酋、卡塔尔及部分沙特地区逐步恢复。
- 但该财报为盘前已排期披露，信号到达时股价盘中已大涨约 9%–10%，短线可交易 edge 主要已被市场即时重定价。
主要风险
- 财报类事件本身预期透明度高，SLB 盘中大涨后再追容易遇到获利了结或高开低走。
- 中东全面恢复仍取决于冲突是否持续缓和，管理层也提示恢复至满产需要时间。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-24 · 影响 weakens
财报同时显示中东和亚洲收入下滑，管理层称完全恢复时间仍不确定，削弱追高后的风险回报。
检索:SLB Q2 2026 earnings Middle East disruption recovery risk 原文 ↗
原文全文
展开原文 · 1,951 字
SLB (SLB) up 10.4% in Friday's trading, making it one of the two top gainers on the S&P 500, after topping Wall Street expectations for Q2 adjusted earnings and saying it expects Q3 revenue to increase 3%-4% Q/Q under its base-case scenario, with a gradual recovery in the Middle East.
Q2 profit fell to $786M, or $0.52/share, from $1.01B, or $0.74/share, in the year-earlier quarter, while adjusted earnings of $0.55/share exceeded the $0.51 FactSet analyst consensus estimate.
Q2 revenue rose 5% Y/Y to a better-than-expected $8.97B, as North America revenue jumped nearly 36% to $2.24B, offsetting international revenue, which declined 2.6% to $6.67B.
For H2 2026, SLB (SLB) projected materially higher free cash flow and said it expects more contract awards in the coming months that would strengthen its market position in the Middle East, which was the company's biggest market in 2025, accounting for 34% of its revenue.
Q2 revenue from the Middle East and Asia fell 14% to $2.57B, hit by lower activity and operational disruptions associated with the Iran conflict, but SLB (SLB) CEO Olivier Le Peuch said on the company's earnings conference call that activity is picking up pace in the U.A.E., Qatar, and to some extent in Saudi Arabia.
The impact of the war came in at the lower end of the company's guidance of $0.06-$0.08/share, helped by temporary cost actions, but "the timing of a full recovery remains uncertain and will depend on a durable resolution of the conflict. As activity improves, we expect the return to full production capacity to take time," Le Peuch said, according to Reuters.
"Customers are eager to restore production," the CEO said, and if the conflict does not escalate further, he expects a "gradual recovery" unfolding in Q3.
SLB's (SLB) data center solutions unit is on track to exceed $1B in annualized revenue run rate by the end of the year, driven by rising demand and customer expansion, Le Peuch also said.
Q2 profit fell to $786M, or $0.52/share, from $1.01B, or $0.74/share, in the year-earlier quarter, while adjusted earnings of $0.55/share exceeded the $0.51 FactSet analyst consensus estimate.
Q2 revenue rose 5% Y/Y to a better-than-expected $8.97B, as North America revenue jumped nearly 36% to $2.24B, offsetting international revenue, which declined 2.6% to $6.67B.
For H2 2026, SLB (SLB) projected materially higher free cash flow and said it expects more contract awards in the coming months that would strengthen its market position in the Middle East, which was the company's biggest market in 2025, accounting for 34% of its revenue.
Q2 revenue from the Middle East and Asia fell 14% to $2.57B, hit by lower activity and operational disruptions associated with the Iran conflict, but SLB (SLB) CEO Olivier Le Peuch said on the company's earnings conference call that activity is picking up pace in the U.A.E., Qatar, and to some extent in Saudi Arabia.
The impact of the war came in at the lower end of the company's guidance of $0.06-$0.08/share, helped by temporary cost actions, but "the timing of a full recovery remains uncertain and will depend on a durable resolution of the conflict. As activity improves, we expect the return to full production capacity to take time," Le Peuch said, according to Reuters.
"Customers are eager to restore production," the CEO said, and if the conflict does not escalate further, he expects a "gradual recovery" unfolding in Q3.
SLB's (SLB) data center solutions unit is on track to exceed $1B in annualized revenue run rate by the end of the year, driven by rising demand and customer expansion, Le Peuch also said.
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