Fourth quarter revenue of $1,341 million decreased 5% sequentially and 2% year-over-year; full year revenue of $5,513 million increased 7% from prior year, driven by international revenue growth of 10%Fourth quarter operating income of $198 million decreased 19% sequentially and 8% year-over-year; full year operating income of $938 million increased 14% from prior yearFourth quarter net income of $112 million, an 8.4% margin, decreased 29% sequentially and 20% year-over-year; full year net income of $506 mi ...

Weatherford (WFRD) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February ...

HOUSTON, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced that it has been awarded a three-year contract for the provision of rigless services as part of the reactivation of ADNOC onshore strings. The project is slated to begin in the fourth quarter of 2024, where Weatherford is expected to deploy multiple intervention solutions, advancing the operational efficiency and reliability of ADNOC’s onshore assets. The contract leverage ...

Weatherford International plc (NASDAQ: WFRD ) is a global oil and gas services company providing a range of drilling, field engineering and production optimization solutions. Most of the services in this industry are quite complex, and it is typical for a companyI am a full-time investor focusing on high-quality and growth companies. One of my other major areas is stocks with high starting dividends and low valuations. I regularly use EVA framework in addition to the normal accounting metrics. I try to have ...

Financial Performance - Revenues for the three and nine months ended September 30, 2024, were $1.4 billion and $4.2 billion, representing increases of 7% and 11% compared to $1.3 billion and $3.8 billion for the same periods in 2023[65] - Operating income for the three and nine months ended September 30, 2024, was $243 million and $740 million, reflecting increases of 11% and 23% compared to $218 million and $604 million in the same periods of 2023[67] - Product revenues increased by 10% and service revenues by 11% year-over-year for the nine months ended September 30, 2024, with contributions from Well Construction and Completions (38%) and Drilling and Evaluation (33%) segments[65] - Total revenues for Q3 2024 were $1,409 million, reflecting a $96 million or 7% increase from $1,313 million in Q3 2023[80] Segment Performance - DRE revenues increased to $435 million in Q3 2024, up $47 million or 12% from $388 million in Q3 2023[81] - WCC revenues reached $509 million in Q3 2024, an increase of $50 million or 11% compared to $459 million in Q3 2023[84] - DRE segment adjusted EBITDA was $111 million in Q3 2024, flat compared to Q3 2023, while nine-month adjusted EBITDA increased by $46 million or 14%[83] - WCC segment adjusted EBITDA rose to $151 million in Q3 2024, a $32 million or 27% increase from $119 million in Q3 2023[85] - PRI revenues remained flat at $371 million in Q3 2024, with a slight increase of $2 million or 0.2% year-over-year[86] Costs and Expenses - Selling, general, administrative, and research and development costs were $236 million and $719 million for the three and nine months ended September 30, 2024, showing a decrease of 2% and an increase of 5% compared to the same periods in 2023[69] - Corporate expenses were $13 million in Q3 2024, a decrease from $18 million in Q3 2023, primarily due to reduced professional fees[89] - Interest expense, net was $24 million and $77 million for the three and nine months ended September 30, 2024, down from $30 million and $92 million in the same periods of 2023[71] Cash Flow and Capital Management - Cash provided by operating activities increased to $543 million for the nine months ended September 30, 2024, compared to $457 million for the same period in 2023, driven by revenue growth and higher collections from the largest customer in Mexico[92] - Cash used in investing activities rose to $207 million for the nine months ended September 30, 2024, compared to $158 million in the prior year, primarily due to capital expenditures of $199 million[93] - Cash used in financing activities decreased to $378 million for the nine months ended September 30, 2024, from $388 million in the same period in 2023, with long-term debt repayments totaling $264 million[94] - The company declared a cash dividend of $0.25 per share, with $18 million paid in dividends during the third quarter of 2024[94] - As of September 30, 2024, the company had cash and cash equivalents of $920 million, down from $958 million at December 31, 2023[91] Strategic Outlook - The company expects overall 2024 revenue to exceed 2023 levels, driven by international and global offshore activity[90] - The company expects capital expenditures to be 3-5% of revenue over the next 12 to 18 months, maintaining the same framework for 2024[98] - The company anticipates sufficient cash from operations and cash on hand to meet both short-term and long-term cash requirements[96] Risks and Compliance - The company faces numerous risks and uncertainties that may cause actual results to differ materially from forward-looking statements, including geopolitical conflicts and economic conditions[112] - The company must navigate compliance with current and future laws and regulations, particularly those related to geopolitical issues and environmental standards[112] - The company is exposed to market risks that have not changed materially since December 31, 2023, as detailed in various notes to the financial statements[115] Operational Challenges - The company continues to evaluate operational strategies in response to the ongoing Russia-Ukraine conflict, including compliance with international laws and potential asset divestitures[63] - The company is managing supply chain challenges and disruptions as part of its operational strategy[113] - The company is monitoring the impact of disease outbreaks and public health issues on its operations and market conditions[112] Sustainability and Innovation - The company is focused on adapting its technology portfolio to meet market demands for alternative energy sources and digitalization efforts[112] - The company is addressing the need for sustainable operations and a lower carbon footprint in response to environmental initiatives[112] - The company aims to return capital to shareholders through dividends and share repurchases, although timing and amounts are subject to change[113] Internal Controls - The management evaluated the effectiveness of disclosure controls and procedures as of September 30, 2024, concluding they were effective[117] - There were no changes in internal control over financial reporting during the three months ended September 30, 2024, that materially affected the controls[118]

Weatherford (WFRD) came out with quarterly earnings of $2.06 per share, beating the Zacks Consensus Estimate of $1.65 per share. This compares to earnings of $1.66 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 24.85%. A quarter ago, it was expected that this oilfield service company would post earnings of $1.71 per share when it actually produced earnings of $1.66, delivering a surprise of -2.92%.Over the last four quarters, ...

Financial Performance - Revenues for Q3 2024 were $1,409 million, a 7% increase year-over-year and a 0.3% increase sequentially[1][3] - Operating income was $243 million, an 11% increase year-over-year, while net income rose to $157 million, reflecting a 28% year-over-year increase with a net income margin of 11.1%[1][3] - Adjusted EBITDA for the quarter was $355 million, a 16% increase year-over-year, with an adjusted EBITDA margin of 25.2%, up 197 basis points year-over-year[1][3] - Net income for the three months ended September 30, 2024, was $166 million, compared to $131 million for the same period in 2023, representing a 26.7% year-over-year increase[38] - Revenues for Q3 2024 reached $1,409 million, a 7.3% increase from $1,313 million in Q3 2023[47] - Net income attributable to Weatherford was $157 million, up from $123 million in Q3 2023, reflecting a net income margin of 11.1%[47] - Adjusted EBITDA for Q3 2024 was $355 million, with an adjusted EBITDA margin of 25.2%, compared to $305 million and 23.2% in Q3 2023[47] - Net cash provided by operating activities was $262 million, significantly higher than $172 million in Q3 2023[47] - Adjusted free cash flow for Q3 2024 was $184 million, an increase from $137 million in Q3 2023[47] Cash Flow and Debt Management - Cash provided by operating activities was $262 million, an increase of $112 million sequentially and $90 million year-over-year; adjusted free cash flow was $184 million, up $88 million sequentially and $47 million year-over-year[1][4] - Total debt decreased to $1,648 million from $1,955 million in September 2023, while cash and cash equivalents increased to $920 million[48] - Net debt as of September 30, 2024, was $670 million, down from $1,009 million in September 2023[48] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $543 million, up from $457 million in the same period of 2023, indicating an 18.8% increase[38] - The long-term debt decreased to $1,627 million as of September 30, 2024, from $1,715 million at the end of 2023, a decline of 5.1%[36] - Net debt as of September 30, 2024, was $1,678 million, down from $1,825 million on December 31, 2023, indicating a reduction of 8.1%[36] Shareholder Returns - Weatherford repurchased $50 million of ordinary shares and paid $18 million in dividends, totaling $68 million in shareholder returns for the quarter[1][14] Strategic Initiatives and Acquisitions - Weatherford acquired Datagration, enhancing its digital offerings for production and asset optimization, demonstrating a commitment to innovation[1][6] - A three-year Corporate Procurement Agreement was awarded by Aramco, including various products and services to enhance operational efficiency[1][8] - Deployment of Victus™ Managed Pressure Drilling systems in geothermal exploration wells marks a significant technological advancement for the company[1][11] - The company engaged in business acquisitions totaling $15 million during the three months ended September 30, 2024[38] Regional Revenue Performance - North America revenue for Q3 2024 was $266 million, a sequential increase of $14 million or 6%, but a year-over-year decrease of $3 million or 1%[23] - International revenue for Q3 2024 was $1,143 million, a sequential decrease of 1% but an increase of 9% year-over-year[25] - Latin America revenue for Q3 2024 was $358 million, a sequential increase of $5 million or 1%, with a year-over-year increase of $1 million[25] - Middle East/North Africa/Asia revenue for Q3 2024 was $542 million, flat sequentially, but up $71 million or 15% year-over-year[25] - Europe/Sub-Sahara Africa/Russia revenue for Q3 2024 was $243 million, a sequential decrease of $15 million or 6%, but an increase of $27 million or 13% year-over-year[26] Future Outlook - The company plans to host a conference call on October 23, 2024, to discuss the Q3 results[29]

Revenues of $1,409 million increased 7% year-over-yearOperating income of $243 million increased 11% year-over-yearNet income of $157 million increased 28% year-over-year; net income margin of 11.1%Adjusted EBITDA* of $355 million increased 16% year-over-year; adjusted EBITDA margin* of 25.2% increased by 197 basis points year-over-yearCash provided by operating activities of $262 million, an increase of $112 million sequentially and $90 million year-over-year; adjusted free cash flow* of $184 million, an i ...

HOUSTON, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") will host a conference call on Wednesday, October 23, 2024 to discuss the Company's results for the third quarter ending September 30, 2024. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). Prior to the conference call, the Company will issue a press release announcing the results and the associated presentation slides will be uploaded to the investor re ...

HOUSTON, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today announced the Company's issuer credit rating has recently been upgraded to 'BB-' from 'B+' by S&P Global Ratings ("S&P"). S&P based the rating upgrade on multiple factors, including improved operating efficiency and debt repayment. Girish Saligram, President and Chief Executive Officer of Weatherford, commented, "The latest S&P credit rating upgrade reflects the significant advance ...