Schlumberger: Q1 EPS below expectations
(CercleFinance.com) - Oil services group Schlumberger has published Q1 2020 adjusted net profit that is down 17% y-o-y at 351 million dollars.
EPS reached 25 cents, one cent short of the market consensus.
Its pre-tax operating margin contracted by 1.1 point to 10.4% for revenue that is down 5% at 7.45 billion dollars, with the group failing to offset the 17% drop in North America by a 2% rise internationally.
"The unprecedented global health and economic crisis sparked by the COVID-19 pandemic increasingly impacted industry activity," said CEO Olivier Le Peuch, who also pointed out "a new battle for market share between the world's largest oil producers".
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