VIENNA (Reuters) - Schoeller-Bleckmann Oilfield Equipment's (VI:SBOE) first-quarter operating profit fell 26 percent to 16.1 million euros (12 million pounds), just below expectations, and the Austrian company's head said on Tuesday falling bookings will stay a problem.
The average estimate for earnings before interest and tax (EBIT) in a Reuters poll of analysts was 16.8 million euros. Bookings halved to 57.1 million euros compared with last year, and below the average poll estimate of around 99 million.
"The reduced volume of bookings will confront us with further challenges in the future. My assumption is that we have not yet reached the bottom," Chief Executive Gerald Grohmann said in a statement.
Schoeller-Bleckmann's clients, oil and gas companies, are scaling back investment as the benchmark crude oil price slumped to lows such as $45 per barrel in the first quarter.
The Austrian company makes specialised tools suited for oil exploration, including shale drilling.
Schoeller-Bleckmann said it reduced its headcount and capital spending in the first quarter mainly to maintenance while keeping research and development spending stable. It has said it was ready for further acquisitions. In the quarter, it held around 204 million euros in liquid funds.