Schlumberger Ekes Out Profit Beat

The oilfield services company reported first-quarter adjusted earnings that were slightly above the estimates of analysts.
Author:
Publish date:

PARIS (

TheStreet

) ---

Schlumberger

(SLB) - Get Report

reported first-quarter adjusted earnings that were slightly above the estimates of analysts.

Schlumberger said earnings from continuing operations, excluding charges, were $747 million, or 62 cents a share.

Analysts surveyed by Thomson Reuters expected the oilfield services company, to earn 61 cents a share in the first quarter.

Including charges, earnings were $672 million, or 56 cents a share, vs. $938 million, or 78 cents a share, a year earlier.

Schlumberger said first-quarter oilfield services revenue was $5.10 billion, down 1% sequentially and 6% from last year. Total revenue in the quarter was $5.6 billion, down from $6 billion a year earlier.

"First-quarter revenue registered a marginal sequential decline as a strong performance in North America and continued strength in the Middle East and Asia offset an overall decline in product and software sales from the high levels of the fourth quarter and a sharp drop in the North Sea and Russia due to drilling efficiency and adverse weather," said Schlumberger Chairman and CEO Andrew Gould, in a statement Friday.

-- Reported by Joseph Woelfel in New York.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.