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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: sand wedge who wrote (26020)7/20/1998 8:58:00 AM
From: Snowshoe  Read Replies (2) of 95453
 
SCHLUMBERGER (SLB) - Low oil prices are making it hard for oil services companies to meet earnings expectations. The press reports will say that Schlumberger, the leading oilfield services firm, met earnings expectations. Before the open Monday, SLB reported second quarter earnings per share of $0.69. That is in-line with the First Call consensus estimate, but only because that estimate fell 3 cents over the past week. The Zacks consensus still shows $0.71 per share. SLB's earnings were up 10% on a per share basis from the year ago level of $60 as revenues rose 10.2%. However, it is clear that SLB and other oilfield services companies are having trouble meeting the high expectations that Wall Street has had for them in recent months. Brokerage firms generally have forecasts of oil prices rebounded to $16 to $17 per barrel later this year. As oil continues to linger several dollars below this level, oil and oil services companies understandably struggle to earn as much as Wall Street expects. This morning, another oilfield services company was not fortunate enough to have Wall Street analysts lower estimates in recent days. Smith International (SII) reported second quarter earnings per share of $0.62, 2 cents below consensus numbers. This sector is not one that is likely to produce earnings reports consistently above expectations until oil prices do rebound significantly or Wall Street lowers their expectations for either a second half oil price rebound or earnings estimates for oilfield services companies. (from Briefing.com)
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