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Schlumberger Q1 profit falls YOY

Schlumberger Ltd. said its first-quarter normalized net income came to 81 cents per share, compared with the S&P Capital IQ consensus estimate of 89 cents per share.

EPS fell 16.8% year over year from 97 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.04 billion, a decline of 18.9% from $1.28 billion in the prior-year period.

The normalized profit margin fell to 10.1% from 11.4% in the year-earlier period.

Total revenue decreased 8.8% year over year to $10.25 billion from $11.24 billion, and total operating expenses fell 7.1% from the prior-year period to $8.48 billion from $9.13 billion.

Reported net income fell 38.8% from the prior-year period to $976.6 million, or 76 cents per share, from $1.59 billion, or $1.21 per share.