Schlumberger Reports Mixed Q1, Misses EPS, But Revs Beat On 55.7% YoY Increase
Apr 21, 2011
Schlumberger Limited (NYSE:SLB) announced Q1 EPS of $0.71 ex-items, missing the consensus estimate for $0.76 per share. Revenues for the quarter were up 55.7% year-over-year to $9.07 billion, beating the consensus estimate for $8.82 billion.
Schlumberger Chairman and CEO Andrew Gould commented, "First-quarter results compounded the normal sequential drop in product, software and multiclient sales with exceptional weather conditions in the US and Australia and multiple activity disruptions from political unrest. Reservoir Characterization saw this decline in sales of multiclient seismic and software. Wireline was adversely affected by weather in Australia and political unrest in North Africa and the Middle East but the underlying trends were positive and absent exceptional items, Wireline growth was encouraging--particularly for higher technology services."
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