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Analyzing Schlumberger before Its 1Q18 Earnings

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Analyzing Schlumberger before Its 1Q18 Earnings PART 1 OF 8

What Analysts Expect from Schlumberger’s 1Q18 Earnings

Schlumberger’s 1Q18 earnings estimates

In 1Q18, analysts expect an adjusted EPS (earnings per share) of $0.37 for Schlumberger (SLB). Wall Street analysts expect Schlumberger’s adjusted earnings to decrease 23% in 1Q18 from the adjusted EPS of $0.48 in 4Q17. Despite strong business from North America, Schlumberger’s management expects that higher operational costs in Russia and the North Sea in Europe, the high costs associated with rig reactivation of idle capacity, and equipment repositioning costs in Schlumberger’s international operations could cause Schlumberger’s 1Q18 earnings to decline. Schlumberger is scheduled to hold its 1Q18 earnings conference call on April 20, 2018.

From 4Q16 through 4Q17, Schlumberger’s adjusted earnings improved 78%, which reflects a higher rig count and pricing recovery due to stronger energy drilling and production activities. Schlumberger accounts for 17.2% of the iShares US Oil Equipment & Services ETF (IEZ). IEZ tracks an index composed of US equities in the oilfield equipment and services sector. IEZ decreased 16% in the past year—compared to Schlumberger’s 15% fall during the same period.

What Analysts Expect from Schlumberger’s 1Q18 Earnings

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Schlumberger’s earnings versus estimates

In 4Q17, Schlumberger’s adjusted EPS marginally exceeded analysts’ consensus EPS. On average, the adjusted EPS exceeded the consensus EPS by ~7% in the past 13 quarters until 4Q17.

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Analysts’ estimates for Schlumberger’s peers

Halliburton’s (HAL) 1Q18 adjusted earnings are expected to decline 21% compared to 4Q17. Wall Street analysts expect National Oilwell Varco (NOV) to cut its adjusted loss in 1Q18 compared to its 4Q17 adjusted loss of $0.04. TechnipFMC’s (FTI) 1Q18 adjusted earnings are expected to improve 64% compared to its adjusted earnings in 4Q17.

In this series

In this series, we’ll discuss Schlumberger’s outlook, value drivers, and what sell-side analysts are suggesting for the company. Next, we’ll discuss management’s outlook in past quarters.

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