Schlumberger 1Q net income rises 40 percent

NEW YORK (AP) — Oil field services company Schlumberger said Thursday that first-quarter earnings increased 40 percent on stronger demand for its services in North America.

The Houston company on Thursday reported net income of $944 million, or 69 cents per share for the first three months of the year. That compares with $672 million, or 56 cents per share, in the same part of 2010.

Revenue increased 56 percent to $8.72 billion.

Excluding special charges, Schlumberger earned $972 million, or 71 cents per share. The results missed Wall Street expectations of income of 76 cents per share on sales of $8.83 billion, according to FactSet.

The price of oil rose 17 …