Schlumberger Earnings Top Estimates, Sees Robust North American Market In Second Half

By Ciara Linnane Markets MarketWatch Pulse

Schlumberger Ltd. shares rose 0.7% premarket Friday, after the energy giant posted second-quarter numbers that beat estimates. The Paris-based company said it had a net loss of $74 million, or 5 cents a share, in the quarter, narrower than the loss of $2.16 billion, or $1.56 a share, posted in the year-earlier period. Adjusted per-share earnings came to 35 cents, ahead of the FactSet consensus of 30 cents. Revenue rose to $7.46 billion from $7.16 billion, also ahead of the FactSet consensus of $7.24 billion. "Beyond seasonal effects, revenue grew in all of our Groups and Areas," Chief Executive Paul Kibsgaard said in a statement. The CEO said the outlook for the second half in North America "remains robust," but that the company is also seeing positive signs in international market with activity and projects picking up in several markets. Shares are down 21.2% in 2017, while the S&P 500 has gained 10.5%.

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