By Bowdeya Tweh

Schlumberger Ltd.'s (SLB) profit rose 18% in the latest period from a year earlier as the oil-field services company benefited from stronger energy development activity world-wide.

Schlumberger's profit in the third quarter was $644 million, or 46 cents a share, compared with $545 million, or 39 cents a share, a year earlier. Excluding one-time items, profit was 46 cents a share, up from 42 cents a share.

Analysts polled by FactSet expected earnings of 45 cents a share.

Revenue rose 8% to $8.5 billion, as North American revenue rose 23% and international revenue rose 1%.

Schlumberger said outlook for global economic growth and oil demand remains solid.

Schlumberger said there is a need for a multiyear increase in investment in energy exploration and production ventures world-wide.

Write to Bowdeya Tweh at bowdeya.tweh@wsj.com

(END) Dow Jones Newswires

October 19, 2018 08:08 ET (12:08 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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