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Schlumberger Q2 profit falls YOY

Schlumberger Ltd. said its normalized net income for the second quarter was 69 cents per share, compared with the S&P Capital IQ consensus estimate of 79 cents per share.

EPS declined 36.4% year over year from $1.09.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $887.5 million, a decline of 38.1% from $1.43 billion in the prior-year period.

The normalized profit margin fell to 9.9% from 11.9% in the year-earlier period.

Total revenue fell 25.3% year over year to $9.01 billion from $12.05 billion, and total operating expenses declined 22.3% on an annual basis to $7.54 billion from $9.70 billion.

Reported net income declined 37.5% from the prior-year period to $1.13 billion, or 88 cents per share, from $1.80 billion, or $1.37 per share.