Schlumberger Ltd. (SLB) Q2 Earnings Jump 33% and Gulf Impact Minor, But Shares Slide Early
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Price: $75.58 --0%
EPS Growth %: +3.1%
Financial Fact:
Net Income: 1.01
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EPS Growth %: +3.1%
Financial Fact:
Net Income: 1.01
Today's EPS Names:
AAP, RMCF, SMRT, More
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Schlumberger Ltd. (NYSE: SLB) said Friday that its net income in the second quarter jumped 33 percent as the company strong activity in other regions to offset the turmoil gripping deepwater drilling in the Gulf of Mexico.
The Houston-based oil services company reported second-quarter earnings of $818 million or 68 cents per share, up from $613 million or 51 cents per share in the same quarter last year, and in line with the market consensus.
Revenue for Schlumberger rose 7 percent to $5.94 billion in the three month period ended in June, slightly better than the analyst estimate of $5.92 billion.
The company, along with the rest of the oil industry has suffered in the wake of the April 20 oil rig explosion that led to a temporary drilling moratorium in the Gulf of Mexico. Schlumberger said that it does not see a return to drilling in the Gulf this year.
"Sequential revenue increases were recorded in all Areas as were sequential margin improvements led by strong performances in North America and Latin America," Schlumberger Chairman and CEO Andrew Gould commented. "In North America, high activity and improved pricing in the US Land GeoMarket more than offset the revenue effects of the Canadian spring break-up and the reduced offshore activity late in the quarter following the start of the drilling moratorium in the US Gulf of Mexico. In Latin America, Mexico and Brazil led the revenue improvement."
Schlumberger is not as exposed to the oil disaster in the Gulf as other companies as it only receives 5 percent of its revenue from the area, far less than its closest rival, Halliburton Co. (NYSE: HAL).
Shares of Schlumberger are down 3.59 percent to $59.10 in premarket trade Friday.
The Houston-based oil services company reported second-quarter earnings of $818 million or 68 cents per share, up from $613 million or 51 cents per share in the same quarter last year, and in line with the market consensus.
Revenue for Schlumberger rose 7 percent to $5.94 billion in the three month period ended in June, slightly better than the analyst estimate of $5.92 billion.
The company, along with the rest of the oil industry has suffered in the wake of the April 20 oil rig explosion that led to a temporary drilling moratorium in the Gulf of Mexico. Schlumberger said that it does not see a return to drilling in the Gulf this year.
"Sequential revenue increases were recorded in all Areas as were sequential margin improvements led by strong performances in North America and Latin America," Schlumberger Chairman and CEO Andrew Gould commented. "In North America, high activity and improved pricing in the US Land GeoMarket more than offset the revenue effects of the Canadian spring break-up and the reduced offshore activity late in the quarter following the start of the drilling moratorium in the US Gulf of Mexico. In Latin America, Mexico and Brazil led the revenue improvement."
Schlumberger is not as exposed to the oil disaster in the Gulf as other companies as it only receives 5 percent of its revenue from the area, far less than its closest rival, Halliburton Co. (NYSE: HAL).
Shares of Schlumberger are down 3.59 percent to $59.10 in premarket trade Friday.
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