VIENNA, Aug 20 (Reuters) – Schoeller-Bleckmann Oilfield Equipment said sales slipped 1 percent in the second quarter as customers spent cautiously on high-precision components.
Revenues fell to 118 million euros ($157 million), the Austrian company said on Wednesday, slightly below the 121 million-euro average estimate in a Reuters poll.
Bookings rose "slightly" in the second quarter from the first quarter, SBO said, lifting first-half bookings 13 percent to 228 million euros.
Schoeller-Bleckmann, some of whose oilfield service companies are active in Russia and are affected by U.S. and European Union sanctions, said their effect on the company "cannot yet be assessed."
The Austrian company supplies equipment to major oilfield service companies like Halliburton, Schlumberger , Baker Hughes and Weatherford.
Schoeller-Bleckmann said in May that bookings were weaker in April than in the first quarter as customers repaired equipment instead of ordering new.
This helped the company's repair and maintenance business, which has higher margins than equipment sales, but had a negative effect on top-line growth.
Operating profit rose 21 percent in the quarter to 24 million euros and earnings per share rose 14 percent to 0.99 euros, missing market expectations. (1 US dollar = 0.7518 euro)
(Reporting by Georgina Prodhan; Editing by Erica Billingham)
Copyright 2017 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you