Oilfield services company, Schlumberger Limited. (SLB) reported a decline in earnings for its first quarter, but beat analysts estimates on Friday.
The Houston, TX based company reported first quarter net income of $1.26 billion, or 94 cents per share, down -3% from $1.3 billion, or 97 cents per share last year. Excluding special items, earnings for the quarter were $1.35 billion, or $1.01 per share, a 4% rise from last year. Analysts expected to see 99 cents per share.
Revenue for the quarter rose 7% to $10.67 billion, from $9.92 billion last year. Analysts expected to see revenue of $10.74 billion.
The company saw a -4% in revenue in North America. Although revenue was strong in Canada, results from the U.S and the U.S Gulf of Mexico showed weakness. International revenue grew by 13% primarily due to a 21% in revenue from the Middle East and Asia regions, an 11% increase in Europe, and an 8% upside in Latin America.
Schlumberger shares were up $1.60, or 2.25% during premarket trading Friday. The stock has increased 4% in the past year.
The Bottom Line
Shares of Schlumberger Limited. (SLB) have a 1.76% yield, based on Thursday’s closing price of $71.00
Schlumberger Limited. (SLB) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.