Schlumberger Ltd. The world's largest oilfield services company reported that its revenues jumped 24 percent in the third quarter but said Friday that the global economic crisis will undoubtedly take a toll.
With a barrel of oil topping $100 for most of the quarter, Schlumberger reported net income of $1.53 billion, or $1.25 per share, up from $1.35 billion, or $1.09 per share, in the same period last year.
A violent hurricane season cut away 4 cents per share in profits for the quarter, Schlumberger said. Without the disruptions, diluted earnings-per-share would have been $1.29.
Schlumberger reported revenue of $7.26 billion, up from $5.93 billion last year.
Profits, excluding disruptions from hurricanes Gustav and Ike, matched the per-share estimates of analysts polled by Thomson First Call. Revenue slightly exceeded expectations of just over $7 billion.
Schlumberger Ltd. is the first major company in the oil sector to report quarterly results and is a bellwether.
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