Summary
SLB LIMITED/NV (SLB) filed an 8-K on April 17, 2014, primarily to report its first-quarter 2014 financial results. The filing includes a press release and supplemental information detailing the company's performance. Key figures indicate that GAAP income from continuing operations attributable to Schlumberger for Q1 2014 was $1.59 billion, resulting in diluted earnings per share (EPS) of $1.21. This compares to $1.26 in the preceding quarter (Q4 2013) and $0.90 in the first quarter of the prior year (Q1 2013). The report also highlights the company's use of non-GAAP financial measures to provide a clearer operational picture. These include "Net Debt," defined as gross debt less cash and certain investments, which management uses to assess indebtedness. Additionally, the company provides adjusted figures for income, EPS, return on sales, and effective tax rate, excluding charges and credits. For Q1 2014, the company did not record any such charges or credits, meaning its GAAP and adjusted non-GAAP earnings per share from continuing operations were the same at $1.21. Investors should note that these non-GAAP measures are presented alongside GAAP figures and are not intended to substitute for them.
Key Highlights
- 1SLB reported Q1 2014 GAAP income from continuing operations of $1.59 billion.
- 2Diluted EPS from continuing operations for Q1 2014 was $1.21.
- 3This represents a sequential decrease from $1.26 in Q4 2013 but a significant increase from $0.90 in Q1 2013.
- 4The company utilizes non-GAAP measures like "Net Debt" for enhanced financial insight.
- 5Non-GAAP earnings per share from continuing operations (excluding charges and credits) were also $1.21 for Q1 2014, as no such items were recorded.
- 6The filing incorporates by reference the Q1 2014 Results Press Release and Supplemental Information.
- 7The report includes disclosures on various non-GAAP financial measures aimed at illustrating operational trends, such as Net Debt, and adjusted income/EPS.