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Analyzing Schlumberger's Earnings prior to Its 1Q17 Results

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Analyzing Schlumberger's Earnings prior to Its 1Q17 Results PART 1 OF 9

What Do Analysts Expect from Schlumberger’s 1Q17 Earnings?

Schlumberger’s earnings estimates

In 1Q17, analysts expect Schlumberger (SLB) to post adjusted earnings per share (or EPS) of $0.26, a fall of 3% compared to its 4Q16 adjusted EPS of $0.27.

The US rig count has risen in the past three months led by a partial recovery in crude oil. However, the low pricing environment for oilfield services (or OFS) companies due to oversupply and the weakness in some of SLB’s international operations could result in SLB’s 1Q17 earnings deteriorating. SLB is expected to hold its 1Q17 earnings conference call on April 21, 2017.

What Do Analysts Expect from Schlumberger’s 1Q17 Earnings?

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From 4Q15 through 4Q16, SLB’s adjusted earnings fell 58%, reflecting a lower rig count and a difficult energy market environment.

Schlumberger’s earnings versus estimates

In 4Q16, Schlumberger’s adjusted EPS exceeded analysts’ consensus EPS estimate. As we can see in the graph above, Schlumberger’s adjusted EPS have exceeded estimates in several quarters in the past. On average, its adjusted EPS have exceeded consensus EPS estimates by ~5% in the past 13 quarters.

Analysts’ estimates for SLB’s peers

In comparison, analysts expect Halliburton’s (HAL) 1Q17 adjusted EPS to remain nearly unchanged compared to 4Q16. Read more about Halliburton in Market Realist’s Halliburton’s Updated 1Q17 Guidance: What the Market Suggests.

Analysts expect Baker Hughes’s (BHI) 1Q17 adjusted EPS to rise to -$0.18, compared to its 4Q16 adjusted EPS of -$0.30. Flotek Industries’ (FTK) 1Q17 adjusted EPS are expected to rise to $0.01 per share, compared to its 4Q16 adjusted EPS of -$0.06. SLB makes up 3.2% of the SPDR S&P Oil & Gas Equipment & Services ETF (XES).

Series highlights

In this series, we’ll discuss Schlumberger’s management’s views on the energy market, Schlumberger’s outlook and value drivers, and what market indicators are suggesting for the stock. We’ll start with Schlumberger’s one-year price movements.

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