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Schlumberger 1Q profit falls, but tops Street view

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NEW YORK (AP) — Schlumberger's first-quarter net income fell 3 percent, weighed down in part by a restructuring charge. Its adjusted results beat Wall Street's expectations.

The first quarter traditionally includes a seasonal slowdown of some business.

The world's largest oilfield service company earned $1.26 billion, or 94 cents per share, for the three months ended March 31. That's down from $1.3 billion, or 97 cents per share, a year ago.

The current quarter included a restructuring charge of $92 million.

Excluding the charge and other items, earnings from continuing operations were $1.01 per share compared with 96 cents per share in the prior-year period.

Analysts predicted earnings of 98 cents per share, according to a FactSet survey.

Revenue increased 8 percent to $10.67 billion from $9.92 billion, helped by higher oilfield services revenue. Wall Street expected $10.71 billion in revenue.

Oilfield services revenue climbed in Latin America, the Middle East and Asia, Europe, Russia and Africa. It declined in North America.

Schlumberger said Friday that it still expects growth in line with expectations for regions such as Sub-Sahara Africa, Russia, the Middle East, China and Australia for the rest of the year. The forecast for North America is still uncertain because of lower-than-expected pricing and ongoing softness in pricing.

Schlumberger Ltd. has principal offices in Paris, Houston and The Hague. It has about 120,000 employees in more than 85 countries.

Its shares finished at $71 per share on Thursday. They have traded in a 52-week range of $59.12 to $82 per share.

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