Schlumberger Tops Q2 Proft Estimates, Shares Rise

But the company narrowly missed quarterly revenue forecasts

   

Schlumberger (NYSE:SLBposted second-quarter net income of $1.4 billion, up 5% from $1.34 billion during the same period last year.

Revenue at the world’s largest oilfield services company jumped 16.2% to $10.45 billion, up from $9 billion in 2011, narrowly missing analysts’ estimates of $10.47 billion, the Associated Press noted.

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Second-quarter EPS was $1.05, compared to 98 cents last year. That topped the $1 that Wall Street had forecast.

Shares of Schlumberger moved up more than 1% in Friday afternoon trading.

The company attributed its higher profits to increased deep-water drilling in the Gulf of Mexico as well as a rise in international offshore drilling projects.

Pretax profits increased for its services in Europe, Africa, North America and Latin America, but remained weak in Asia and the Middle Eastern region.

Oilfield rival Baker Hughes (NYSE:BHIsaid its second-quarter net income soared 30% to $439 million, compared to $338 million in 2011. EPS for the quarter was $1 on revenues that rose 12% to $5.53 billion. Those numbers topped analysts, who were looking for EPS of 77 cents on revenue of $5.26 billion, the Wall Street Journal noted.

Baker-Hughes shares jumped more than 9%, topping $45, in Friday afternoon trading.


Article printed from InvestorPlace Media, http://investorplace.com/2012/07/schlumberger-tops-q2-proft-estimates-shares-rise/.

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