Summary
Schlumberger Limited (SLB) reported solid financial results for the first quarter ended March 31, 2008, demonstrating continued revenue growth and profitability. The company posted total revenue of $6.29 billion, an increase of approximately 15% compared to $5.46 billion in the same period of 2007. Net income rose to $1.34 billion, or $1.09 per diluted share, from $1.18 billion, or $0.96 per diluted share, in the prior year's quarter. The Oilfield Services segment was the primary driver of this growth, with revenue up 18% year-over-year, reflecting strong demand across various geographic regions and service lines. While the WesternGeco segment experienced a slight revenue decline year-over-year, its profitability remained robust. The company also noted the inclusion of a $38 million after-tax gain from discontinued operations, contributing positively to net income.
Key Highlights
- 1Revenue increased by 15% year-over-year to $6.29 billion.
- 2Net income grew by 13% year-over-year to $1.34 billion.
- 3Diluted earnings per share rose to $1.09 from $0.96 in the prior year's quarter.
- 4Oilfield Services segment revenue saw a significant 18% year-over-year increase.
- 5The company's effective tax rate decreased to 19.1% from 24.0% in Q1 2007.
- 6Cash flow from operations improved to $1.1 billion, up from $1.0 billion in Q1 2007.
- 7A new $8 billion share repurchase program was approved, signaling confidence in future performance.