Schlumberger Ltd Earnings Cheat Sheet: Five Straight Quarters of Double-Digit Growth

S&P 500 (NYSE:SPY) component Schlumberger Limited (NYSE:SLB) reported higher profit for the second 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.

Don’t Miss: Here’s Why Schlumberger is a Shareholder’s Dream Stock

Schlumberger Earnings Cheat Sheet for the Second Quarter

Results: Net income for Schlumberger Limited rose to $1.34 billion (71 cents per share) vs. $818 million (68 cents per share) in the same quarter a year earlier. This marks a rise of 64.3% from the year earlier quarter.

Revenue: Rose 62% to $9.62 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: SLB fell short of the mean analyst estimate of 85 cents per share. It beat the average revenue estimate of $9.17 billion.

Quoting Management: Schlumberger Chairman and CEO Andrew Gould commented, “Second-quarter results showed strong growth worldwide. All Product Groups grew at double-digit rates. In North America, a prolonged Canadian spring break-up and poor weather in the northwest were offset by very strong growth in the rest of US land and a significant contribution from deepwater operations as the rig count increased and renewed interest in exploration activity in the Gulf of Mexico led to high multiclient seismic data sales.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 40.5% and in the fourth quarter of the last fiscal year, the figure rose 31%.

Gross margin shrank 2.3 percentage points to 20.6%. The contraction appeared to be driven by increased costs, which rose 66.9% from the year earlier quarter while revenue rose 62%.

Revenue has risen the past four quarters. Revenue increased 55.7% to $8.72 billion in the first quarter. The figure rose 57.9% in the fourth quarter of the last fiscal year from the year earlier and climbed 26.1% in the third quarter of the last fiscal year from the year-ago quarter.

The company has now fallen short of estimates in the last two quarters. In the first quarter, it missed expectations by 6 cents with net income of 71 cents versus a mean estimate of net income of 77 cents per share.

Competitors to Watch: Halliburton Company (NYSE:HAL), Weatherford Intl. Ltd. (NYSE:WFT), Baker Hughes Incorporated (NYSE:BHI), National-Oilwell Varco, Inc. (NYSE:NOV), Allis-Chalmers Energy Inc. (NYSE:ALY), Complete Production Services, Inc. (NYSE:CPX), Petroleum Geo-Services ASA (PGSVY), TETRA Technologies, Inc. (NYSE:TTI), and Recon Technology, Ltd. (NASDAQ:RCON).

Don’t Miss Here’s Why Schlumberger is a Shareholder’s Dream Stock

(Source: Xignite Financials)