Schlumberger's Stock Slips As Revenue Rises, But Comes Up Short Of Expectations

Schlumberger Ltd. reported Friday first-quarter net earnings of that fell to $279 million, or 20 cents a share, from $501 million, or 40 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 25 cents, matching the FactSet consensus. Revenue rose to $6.89 billion from $6.52 billion, but missed the FactSet consensus of $6.98 billion, as the oil services company's reservoir characterization, drilling and production business sales all came up shy of expectations. Among regions, North America, Europe/CIS/Africa and Middle East & Asia revenue came up a bit short, while Latin America revenue topped forecasts. The stock, which slipped 0.3% in premarket trade, has shed 8.9% year to date through Thursday, while the VanEck Vectors Oil Services ETF has tumbled 13% and the S&P 500 has gained 5.2%.