NEW YORK (TheStreet) -- Shares of Schlumberger Ltd. (SLB - Get Report) are down -1.54% to $112.87 in early trading on Friday, after the oilfield services provider reported a 24% decline in profit for the second quarter, from the same period a year ago, when results were boosted by the formation of OneSubsea joint venture.
However, excluding charges and credits, adjusted earnings per share from continuing operations for the quarter were $1.37 per share, versus the average estimate of analysts surveyed by Reuters of $1.36 per share.
Quarterly revenues grew 8% to $12.05 billion from $11.18 billion in the same period last year and beat analysts' consensus estimate of $11.94 billion.
Separately, TheStreet Ratings team rates SCHLUMBERGER LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SCHLUMBERGER LTD (SLB) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins."
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