Schlumberger Limited Q1 Profit Beats, But Revenue Misses As Int'l Drags
Schlumberger Limited (NYSE: SLB) early Friday posted mixed first quarter earnings results, as the oil & gas industry continues its slow recovery from its biggest decline in history.
Written by StockNews.com
The Houston-based oilfield services provider reported:
- Q1 earnings per share (EPS) of $0.25, which was in-line with the Wall Street consensus estimate of $0.25.
- Revenues rose 5.7% from last year to $6.89 billion, missing analysts’ view for $6.98 billion, however.
- North America revenues rose amid higher shale activity, while offshore activity declined.
- SLB’s Drilling Group revenue fell 1% sequentially to $2.0 billion, hurt by pricing pressures overseas.
The company commented via press release:
“As we begin the recovery from one of the deepest downturns on record, we see four areas as critical for the industry to restore its strength and advance its capabilities. They are:
- the need for higher E&P spending to meet growing hydrocarbon demand over the coming years;
- the need to protect and encourage investments in R&E throughout the entire oil and gas value chain;
- the need for new business models that foster closer technical collaboration and commercial alignment between operators and suppliers;
- and the need for broader and more integrated technology platforms that combine hardware, software, data, and expertise.”
Schlumberger Limited shares rose $0.23 (+0.30%) in premarket trading Friday. Year-to-date, SLB has declined -8.30%, versus a 5.74% rise in the benchmark S&P 500 index during the same period.
SLB currently has a StockNews.com POWR Rating of B (Buy), and is ranked #3 of 52 stocks in the Energy – Services category.
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This article may have been edited ([ ]), abridged (...) and reformatted (structure, title/subtitles, font) by the editorial team of munKNEE.com (Your Key to Making Money!) to provide a faster & easier read than the original.less