Schlumberger Limited & Valmont Industries Reported Higher Profit (NYSE:SLB, VMI)
Schlumberger Limited. (NYSE:SLB) posted solid first quarter profit driven by strong demand from deepwater drillers.
The company posted net income of $1.3 billion, or 97 cents a share, up 39% from a year ago profit of $944 million or 69 cents a share. On an adjusted basis, the company would have earned 98 cents a share, just a penny higher from analysts’ estimates.
Revenue during the quarter soared 22% year-over-year $10.61 billion to $10.61 billion. But it was down 3.30% sequentially.
Nearest rival Halliburton Co defied some of the worst predictions by reporting a h higher- than-expected profit on Wednesday, and said it expected the downward pressure on frack pricing to ease up later in 2012.
Sales in its oil field services were flat in North America while its international business lost revenue due to winter weather and other operating issues.
Shares of SLB are up 3.67% in the pre-market session.
Valmont Industries, Inc. (NYSE:VMI) late Thursday reported a stronger than estimated first quarter earnings, prompting the company to boost its full year earnings outlook.
The company earned $52.3 million, or $1.96 a share, up sharply from a year ago profit of $25.6 million, or 97 cents a share, ahead of analysts’ estimates of $1.53 per share.
Revenue during the latest quarter grew 266% to $717.4 million, spurred by a 30 percent jump at its irrigation segment that contributes over a quarter of the total sales. Analysts had forecast revenue of $669.6 million.
The company now projects to earn higher than $8.00 a share, up from its previous estimate of $7.30 to $7.60. Analysts were estimating the company to earn $7.53 a share.
“We expect utility demand to increase and margins to improve modestly as the year progresses,” Chief Executive Mogens Bay said in a statement.