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Oilfield services firm Schlumberger (NYSE:SLB) is down around 3% Friday following its first quarter earnings release that saw it top consensus profit and revenue expectations.
Schlumberger reported Q1 EPS of $0.63, $0.03 better than the analyst estimate of $0.60, while revenue for the quarter came in at $7.7 billion versus the consensus estimate of $7.45B.
Meanwhile, the company’s adjusted EBITDA of $1.8B increased 43% year on year. Cash flow from operations was $330M, which was below expectations, disappointing investors.
“First-quarter cash flow from operations was $330 million, reflecting the seasonal first-quarter buildup of working capital that will support our anticipated growth for the year and the payment of our annual incentives,” said SLB CEO Olivier Le Peuch. “Free cash flow generation is expected to accelerate throughout the year, consistent with historical trends.”
Looking ahead, Le Peuch added: “Looking at the macro, we maintain our very constructive multiyear outlook as the upcycle attributes and key activity drivers continue to evolve very positively.”
He also stated that the global activity outlook for the full year remains very solid.
