Categories Earnings

Schlumberger profits jump 88% in first quarter

Companies in the energy sector have started rolling out their earnings. And one of the big oilfield service providers Schlumberger (SLB) set a positive tone for the industry by reporting profit growth in its latest first quarter 2018 results.

Schlumberger earnings infographic
Schlumberger Ltd. Q1 2018 Earnings Infographic

The French company posted quarterly results that narrowly beat the profit consensus as increased costs weighed on a strong performance of the company’s business in North America.

Oil prices this year have been on the rise, with Brent oil going up 5% since the start of the year and the U.S. crude oil prices going up almost 7.5%. Oil prices rose as OPEC, and other suppliers look to withhold output for this year as well in 2019.

But the crude prices turned negative after President Trump sent out a tweet criticizing OPEC over the output reductions that in turn led to sharp rise in oil prices.

This even reflected in Schlumberger stock price that fell 1.58% to $69.19, despite a jump in its profit

Net income during the first quarter 2018 jumped 88% to $525 million, or $0.38 per share when compared to $347 million, or $0.20 per share during the prior year period. Revenue rose 14%year-over-year to $7.82 Billion. This increase in revenue was due to the increased activity in Canada.

The company’s overall activity was boosted by business in Russia, North Sea, and the Middle East.

“We remain optimistic about the outlook for sustainable activity growth in our global business over the course of 2018 and into 2019. This is driven by higher customer activity and our ability to capture a major share of the emerging opportunities as performance-based contracts and integrated projects continue to gain traction as the preferred business models for many of our customers,” CEO Paal Kibsgaard commented.

Most Popular

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top