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Schlumberger falls short of 2Q revenue estimate due to sluggish international business

The company saw flat revenue from Russia and only nominal growth in the Middle East in the quarter

Oil rig
Schlumberger's international operations proved a weak spot in the quarter

Schlumberger (NYSE:SLB), the Houston-based oilfield services company, fell short of Wall Street’s revenue estimate for the second quarter, dragged back by the sluggish performance of its international operations.

Indeed, revenue from the company’s international operations slipped 1.4% in the second quarter to US$5.07bn and cast a pall over its results.

The bright spot in the quarter was the robust growth in its North American operations, which saw its revenue climb 43% to US$3.14bn.

Looking at the broader picture, the company’s total revenue jumped 11.3% to US$8.3bn, which fell short of Wall Street’s consensus estimate of US$8.36bn.

In a statement, CEO Paal Kibsgaard said that despite flat revenue from Russia and only nominal growth in the Middle East, there is evidence of a broader recovery in its international markets.

“Pricing improved in the international markets during the second quarter, and while the numbers are not yet material, a trend has been established and customer pricing discussions are continuing both for new and existing contracts,” he noted.

The oilfield services company reported net income of US$430mln or 31 cents per share against a loss of US$74mln or 5 cents per share in the year-ago period. Excluding items, its adjusted earnings swung to 43 cents per share, which matched Wall Street’s estimates.

Schlumberger’s shares held steady in the pre-market session at US$67.15.

Quick facts: Schlumberger Limited.

Price: 15.17 USD

NYSE:SLB
Market: NYSE
Market Cap: $21.12 billion
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