NEW YORK (AP) - Schlumberger says earnings increased 40 percent in the first quarter on stronger demand for its services in North America.
The Houston company on Thursday reported first-quarter income of $944 million, or 69 cents per share. That compares with $672 million, or 56 cents per share, in the same part of last year. Revenue increased 56 percent to $8.72 billion.
Excluding special charges, Schlumberger says it earned $972 million, or 71 cents per share.
Analysts expected the company to earn 76 cents per share on sales of $8.83 billion, according to FactSet.
Demand from the oil industry for testing and other services provided by Schlumberger has soared this year as oil prices rose to two-year highs. Rival Halliburton Co. said its first-quarter earnings more than doubled to $511 million.