Schlumberger's stock slips as revenue rises, but comes up short of expectations

04/21/17 07:13 AM EDT

Schlumberger Ltd. (SLB) reported Friday first-quarter net earnings of that fell to $279 million, or 20 cents a share, from $501 million, or 40 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 25 cents, matching the FactSet consensus. Revenue rose to $6.89 billion from $6.52 billion, but missed the FactSet consensus of $6.98 billion, as the oil services company's reservoir characterization, drilling and production business sales all came up shy of expectations. Among regions, North America, Europe/CIS/Africa and Middle East & Asia revenue came up a bit short, while Latin America revenue topped forecasts. The stock, which slipped 0.3% in premarket trade, has shed 8.9% year to date through Thursday, while the VanEck Vectors Oil Services ETF (OIH) has tumbled 13% and the S&P 500 has gained 5.2%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

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04-21-17 0713ET

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