Schlumberger Ltd. Q1 Profit Increases, beats estimates

(RTTNews) - Schlumberger Ltd. (SLB) reported earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company's earnings totaled $934 million, or $0.65 per share. This compares with $510 million, or $0.36 per share, in last year's first quarter.

Excluding items, Schlumberger Ltd. reported adjusted earnings of $906 million or $0.63 per share for the period.

Analysts on average had expected the company to earn $0.60 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 29.9% to $7.74 billion from $5.96 billion last year.

Schlumberger Ltd. earnings at a glance (GAAP) :

-Earnings (Q1): $934 Mln. vs. $510 Mln. last year. -EPS (Q1): $0.65 vs. $0.36 last year. -Analyst Estimate: $0.60 -Revenue (Q1): $7.74 Bln vs. $5.96 Bln last year.