S&P 500 (NYSE:SPY) component Schlumberger Limited (NYSE:SLB) reported higher profit for the first quarter as revenue showed growth. Schlumberger Limited is a global oilfield services company. Through its subsidiaries, it supplies technology, integrated project management, and information solutions to consumers in the oil and gas industry.
Schlumberger Earnings Cheat Sheet for the First Quarter
Results: Net income for Schlumberger Limited rose to $943 million (69 cents/share) vs. $672 million (56 cents/share) YoY. A rise of 40.3% from the year earlier quarter.
Revenue: Rose 55.7% to $8.72 billion YoY.
Actual vs. Wall St. Expectations: SLB (NYSE:SLB) fell short of the mean analyst estimate of 77 cents/share. Estimates ranged from 71 cents per share to 89 cents per share.
Quoting Management: “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.”
Key Stats: The company has now seen net income rise in four-straight quarters. In the fourth quarter of the last fiscal year, net income rose 31% while the figure climbed more than twofold in the third quarter of the last fiscal year and 33.4% four quarters ago from the year earlier.
Competitors to Watch: Baker Hughes Incorporated (NYSE:BHI), Halliburton Company (NYSE:HAL), National-Oilwell (NYSE:NOV), Allis-Chalmers (NYSE:ALY), Chevron (NYSE:CVX), Exxon (NYSE:XOM), Conoco-Phillips (NYSE:COP), BP (NYSE:BP), and Weatherford International Ltd. (NYSE:WFT).
Today’s Performance: Shares of SLB (NYSE:SLB) are trading at $89.30 as of April 21, 2011 at 9:09 AM ET, up 1.6% from the previous close.