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Schlumberger profit barely tops Street, tells oil market balanced

Schlumberger profit barely tops Street, tells oil market balanced. Referring to (Reuters) – Schlumberger NV (SLB.N) on Friday announced first-quarter profit which scraped past estimates, however the stock fell 1.3 % on a down in oil prices & a jump in costs for the oilfield services provider. The absence of normal seasonal softness indicated which supply & request were in balance, & combined by “increased geopolitical risk” had driven up oil prices,” Chief Executive Paal Kibsgaard told on a dial by analysts.
Despite the headwinds, Schlumberger’s profit rose to $525 million, or 38 cents per share, in the quarter, from $279 million, or twenty cents, a year earlier. However, the total cost of manufacturing products & delivering services rose almost twelve % to $6.80 billion.
Shares of Schlumberger fell 92 cents at $69.37.

Schlumberger profit
Schlumberger profit

GE profit tops estimates as cost-cutting kicks in

“And expectations were low.”JPMorgan analyst Steve Tusa was between those that told puplic Electric probably cut its full-year earnings prediction in coming months.
GE earned an adjusted 16 cents per share, up from a restated 14 cents a share a year earlier.
Analysts had prediction GE’s profit to decline in the 1st quarter & some thought Friday’s results perhaps fail to meet even those diminished expectations.
Profit at GE’s Dominance business fell 38 % on a nine % decline in sales; orders dropped 29 percent.
“The industry continues to be challenging & Information Systems trending softer than our forecast,” puplic Electric told of the Dominance business.

 

 GE profit
GE profit

 

GE’s adjusted profit tops estimates, shares rise

As mentioned in GE earned an adjusted 16 cents per share, up from a restated 14 cents a share a year earlier.
Analysts had prediction GE’s profit to decline in the 1st quarter & some thought Friday’s results perhaps fail to meet even those diminished expectations. Profit at GE’s Dominance business fell 38 % on a nine % decline in sales; orders dropped 29 percent.
“The industry continues to be challenging & Information Systems trending softer than our forecast,” puplic Electric told of the Dominance business. Profit in GE’s oil & gas unit fell thirty percent, excluding restructuring & other charges, puplic Electric said.

 

 

Collected by :Victor Alphen

 

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