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Schlumberger (SLB) Q2 Earnings Beat, Revenues Lag

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Earnings Beat: World’s No. 1 oilfield-services company Schlumberger Limited (SLB - Free Report) reported second quarter income per share from continuing operation (excluding charges and credits) of 43 cents, beating the Zacks Consensus Estimate of 42 cents.

Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate for the quarter has seen one upward but no downward movement in the last seven days.

Nonetheless, Schlumberger have an impressive earnings surprise history. Before posting in line Q2 earnings, the company delivered positive surprises in all of the prior four quarters. Overall, the company has a positive earnings surprise of 6.4% in the trailing four quarters.

Revenues: Schlumberger posted revenues of $8,303 million, failing to beat the Zacks Consensus Estimate of $8,337 million. However, it compared favorably with the year-ago number of $7,462 million.  

Key Stats: Pre-tax operating income from Reservoir Characterization segment was $350 million, up 17% year over year. Moreover, Drilling Group contributed income of $289 million, down 4% year over year. Also, income from Production Group jumped 43% to $316 million. Income from Cameron Group plunged 5% to $166 million.

Zacks Rank: Currently, Schlumberger carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

(You can see the complete list of today’s Zacks #1 Rank stocks here.)

Check back later for our full write up on this Schlumberger earnings report later!

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