Schlumberger meets 1Q profit forecasts

By The Associated Press

Schlumberger on Friday reported a first-quarter profit of $279 million on the heels of the oil market's modest recovery last month, bouncing back from last quarter's $204 million loss.

 

THE HAGUE, Netherlands (AP) — Schlumberger on Friday reported a first-quarter profit of $279 million on the heels of the oil market's modest recovery last month, bouncing back from last quarter's $204 million loss.

Schlumberger, which helps energy companies explore for and produce oil and gas, ramped up North American operations that had been idle as business slumped with the plunge in oil prices that started in mid-2014. The company saw 6 percent revenue growth in North America, but the costs of redeploying services there also cut into the bottom line.

On a per-share basis, The Hague, Netherlands-based company said it had a profit of 20 cents, down from 40 cents for the same period last year, but a turnaround from last quarter's 15-cent loss.

Earnings, adjusted for non-recurring costs, were 25 cents per share, meeting the average estimate of analysts surveyed by Zacks Investment Research.

The world's largest oilfield services company posted revenue of $6.89 billion in the period, missing Wall Street forecasts. Analysts surveyed by Zacks expected $6.98 billion in revenue. Revenue for the same period last year was $6.52 billion.

North America was the lone bright spot, as revenue declined from the previous quarter in Europe, Africa, the Middle East and Asia. Latin American revenue was flat.

Schlumberger shares fell more than 3 percent in midday trading.

The company also lists headquarters in Houston and Paris.

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