The company reported third-quarter income of $787 million, a 48% slide from the same quarter a year ago, when the company earned $1.53 billion. On a per-share basis, results dipped 4% sequentially, excluding $207 million in charges during the second quarter of this year. Diluted earnings per share were $0.65 per share for the most recent quarter, compared to $1.25 in the third quarter of 2008.
Schlumberger, which serves everyone from big integrated companies like Total
During the quarter, Schlumberger teamed up with National Oilwell Varco
Nevertheless, CEO Andrew Gould was somewhat less than euphoric during the company's call following its earnings release. For instance, as he noted, "In North America, we feel the current slight recovery in drilling to be fragile and not likely to significantly improve service activity and pricing until late 2010." As to natural gas, he noted, "We consider that world gas markets are oversupplied and will remain so for some time, absent a strong recovery in industrial demand."
So what should we make of Schlumberger's results for the quarter? My inclination is to remind Fools that, in my opinion, the company, with its size, scope, and technological advantages, remains the leader of the pack in its sector. So if your investment horizon is relatively lengthy, this might be a good time for a buy order.