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Schlumberger posts lower Q3 earnings, beats Street estimate

Oilfield services giant Schlumberger Ltd.'s third-quarter net income totaled $596 million, or 43 cents per share, for the quarter, down from $644 million, or 46 cents per share, in the prior-year period, it reported Oct. 18.

The results beat the S&P Global Market Intelligence consensus estimate of 40 cents per share.

On a GAAP basis, the company reported a net loss of $11.38 billion, or a loss of $8.22 per share, during the quarter, down from a net income of $644 million, or 46 cents per share, a year ago.

Revenue totaled $8.54 billion, compared with $8.50 billion in the prior-year period.

International revenue was $5.63 billion, while revenue from operations in North America was $2.85 billion.

"The third-quarter results reflect a $12.7 billion pretax charge driven by market conditions. This charge is almost entirely noncash and primarily relates to goodwill, intangible assets, and fixed assets," Schlumberger CEO Olivier Le Peuch said in the statement.

During the quarter, the world's largest public oilfield services company repurchased 2.2 million shares at an average price of $36.64 per share for a total of $79 million.