Schlumberger 4Q Net Falls 3.7% on Charges, Lower Europe Revenue
by Dow Jones Newswires
|Friday, January 18, 2013
Schlumberger Ltd.'s fourth-quarter earnings fell 3.7% amid merger and integration costs and lower revenue from its Europe/Commonwealth of Independent States/Africa region.
Schlumberger, the world's largest oil-field-services company, has seen its revenue soar in recent quarters as exploration and production companies ramped up activity in areas like the deep-water U.S. Gulf of Mexico and vast oil-rich shale formations around the U.S. But the company warned last month its fourth-quarter earnings would take a hit from weaker-than-expected North America activity and delays in Europe, the Commonwealth of Independent States and Africa.
Schlumberger reported a profit of $1.36 billion, or $1.02 a share, down from $1.41 billion, or $1.05 a share, a year earlier. Excluding items such as merger and integration costs, per-share earnings from continuing operations fell to $1.08 from $1.10. Revenue jumped 8.5% to $11.17 billion.
Analysts polled by Thomson Reuters had most recently forecast per-share earnings of $1.07 on revenue of $10.82 billion.
Operating margin fell to 16.2% from 18.2%.
Oil-field services revenue from North America, the region which generates most of the top-line, rose 3.6% from the third quarter to $3.41 billion.
The Europe/Commonwealth of Independent States/Africa region's revenue declined 1% from the prior quarter while the Middle East and Asia posted a 9.6% increase. Latin America revenue was up 11%, sequentially.
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