(Boursier.com) — Schlumberger , the colossus of oil services, published this Friday a quarterly profit above market expectations and rather solid forecasts. SLB thus generated adjusted earnings per share of $0.63 for the quarter for sales totaling $7.74 billion. The consensus was $0.6 quarterly adjusted EPS for $7.44 billion in revenue. Revenues were up 30% year-on-year, while GAAP earnings per share, of $0.65, climbed 81%. The group’s net profit was 934 million dollars, against 510 million dollars a year earlier. Adjusted EBITDA increased by 43% to 1.79 billion dollars, representing a margin of 23.1%. The increase in business is split evenly between international and North America.
The only fly in the ointment, cash flow from operations fell from $131 million to $330 million, but came in below the FactSet consensus of $710 million. Chief Executive Olivier Le Peuch said cash flow from operations reflected “the seasonal build-up of working capital in the first quarter which will support our anticipated growth for the year and the payment of our annual incentives.”
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