Schlumberger Announces First-Quarter 2020 Results
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Schlumberger Ltd. (SLB) Tops Q1 EPS by 1c, Cuts Dividend
April 17, 2020 6:52 AM EDTSchlumberger Ltd. (NYSE: SLB) reported Q1 EPS of $0.25, $0.01 better than the analyst estimate of $0.24. Revenue for the quarter came in at $7.5 billion versus the consensus estimate of $7.52 billion.
The first quarter results include an $8.5 billion pretax charge primarily relating to the impairment of goodwill, intangible assets, and other long-lived assets. This charge, which is almost entirely non-cash, was driven by the significant decline in market valuations during March 2020.
The operating environment that has now emerged is characterized by simultaneous shocks to both supply and demand. The spread of COVID-19 has caused more than 50... More
