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Schlumberger profit misses consensus by 21.1% in Q3

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Schlumberger profit misses consensus by 21.1% in Q3

Schlumberger Ltd. said its normalized net income for the third quarter amounted to 60 cents per share, compared with the S&P Capital IQ consensus estimate of 77 cents per share.

EPS fell 49.2% year over year from $1.19.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $769.1 million, a decline of 50.7% from $1.56 billion in the prior-year period.

The normalized profit margin fell to 9.1% from 12.3% in the year-earlier period.

Total revenue declined 33.0% on an annual basis to $8.47 billion from $12.65 billion, and total operating expenses decreased 28.9% year over year to $7.19 billion from $10.12 billion.

Reported net income declined 49.2% from the prior-year period to $992.2 million, or 78 cents per share, from $1.95 billion, or $1.49 per share.