Schlumberger Announces Third-Quarter 2016 Results

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Go back to Schlumberger Announces Third-Quarter 2016 Results

Schlumberger Ltd. (SLB) Tops Q3 EPS by 3c

October 20, 2016 4:16 PM EDT

Schlumberger Ltd. (NYSE: SLB) reported Q3 EPS of $0.25, $0.03 better than the analyst estimate of $0.22. Revenue for the quarter came in at $7 billion versus the consensus estimate of $7.08 billion.

Schlumberger Chairman and CEO Paal Kibsgaard commented, After calling the bottom of the cycle in the second quarter of this year, our business stabilized in the third quarter following a drop of more than 50% in pro forma revenue during the previous seven quarters. Over the same period, we have removed $6 billion from our quarterly cost base.

Our third-quarter revenue decreased 2% sequentially, driven largely by... More