What are the key financial results for SLB in the first quarter of 2011?

In the first quarter of 2011, SLB reported GAAP net income attributable to Schlumberger of $944 million, which translated to $0.69 per diluted share. Excluding certain charges, the company reported non-GAAP net income of $972 million, or $0.71 per diluted share.

How do these results compare to previous periods?

Compared to the prior quarter, the first-quarter 2011 GAAP diluted EPS decreased from $0.76 to $0.69. However, it increased compared to the first quarter of 2010, when GAAP diluted EPS was $0.56. The non-GAAP figures show a similar trend, with diluted EPS excluding charges decreasing from $0.85 in the previous quarter to $0.71 in Q1 2011, but increasing from $0.62 in Q1 2010.

What non-GAAP financial measures does SLB emphasize, and why?

SLB emphasizes non-GAAP measures such as Net Debt (gross debt less cash and investments), and adjusted net income, diluted EPS, pretax return on sales, after-tax return on sales, and effective tax rate, all excluding charges. Management believes these measures offer a more effective evaluation of operational performance period-over-period and help identify trends that might be obscured by specific charges.

Is the financial information in this 8-K filing considered 'filed' with the SEC?

No, according to General Instruction B.2. of Form 8-K, the financial results and related information furnished in this report (Exhibits 99.1 and 99.2) are not deemed 'filed' for the purposes of Section 18 of the Exchange Act, nor are they automatically incorporated by reference into other SEC filings, unless specifically referenced in such filings.

SLB 8-K: Earnings & Results & Regulation FD

Summary

SLB Limited/NV (SLB) filed an 8-K on April 21, 2011, to report its first-quarter 2011 financial results. The report primarily furnished a press release and supplemental information detailing operational and financial performance. Investors should note that the information provided is furnished and not deemed "filed" under SEC regulations, meaning it is not automatically incorporated into other SEC filings unless explicitly referenced. The company highlighted its use of non-GAAP financial measures to provide a clearer view of operational trends, excluding certain charges to facilitate period-over-period comparison. Key financial metrics disclosed include GAAP net income attributable to Schlumberger of $944 million, or $0.69 per diluted share, a decrease from the prior quarter ($0.76) but an increase from the first quarter of 2010 ($0.56). The company also reported non-GAAP net income, excluding charges, of $972 million, or $0.71 per diluted share, demonstrating a similar trend. Management emphasized that these non-GAAP measures, including Net Debt, are presented to offer additional insights into the company's performance and financial position, complementing traditional GAAP figures.

Key Highlights

1SLB reported Q1 2011 GAAP net income of $944 million, or $0.69 per diluted share.
2Q1 2011 diluted EPS of $0.69 decreased from $0.76 in the prior quarter but increased from $0.56 in Q1 2010.
3The company reported non-GAAP net income (excluding charges) of $972 million, or $0.71 per diluted share.
4Non-GAAP diluted EPS of $0.71 decreased from $0.85 in the prior quarter but increased from $0.62 in Q1 2010.
5SLB utilizes and discloses non-GAAP financial measures, including Net Debt, to provide additional operational insights.
6The provided financial information is furnished and not deemed "filed" with the SEC, impacting its automatic incorporation into other filings.
7The Chief Accounting Officer, Howard Guild, signed the report.

SLB LIMITED/NV 8-K Report, Financial Results (Apr 21, 2011)

Summary

Key Highlights

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