Weatherford International(US:WFRD)2025-04-22 20:30Financial Performance - First quarter 2025 revenue was $1,193 million, a decrease of 12% year-over-year and 11% sequentially[2]. - First quarter operating income was $142 million, down 39% year-over-year, and net income was $76 million with a 6.4% margin, a decrease of 32% year-over-year[2][4]. - Adjusted EBITDA for the first quarter was $253 million, a 21.2% margin, reflecting a 25% decrease year-over-year[2][4]. - Total revenues for the first quarter 2025 were $1,193 million, down from $1,341 million in the previous quarter and $1,358 million in the same quarter last year[35]. - Net income for the first quarter 2025 was $86 million, compared to $124 million in the previous quarter and $123 million in the same quarter last year[40]. - Basic income per share for the first quarter 2025 was $1.04, down from $1.54 in the previous quarter and the same quarter last year[35]. - Adjusted EBITDA for the DRE segment was $74 million, down from $96 million in the previous quarter and $130 million year-over-year[35]. - Adjusted free cash flow for Q1 2025 was $66 million, a decrease from $162 million in Q4 2024 and an increase from $82 million in Q1 2024[49]. Cash Flow and Debt - Cash provided by operating activities was $142 million, and adjusted free cash flow was $66 million, down $16 million year-over-year[5]. - Cash flows from operating activities for the first quarter 2025 were $142 million, compared to $249 million in the previous quarter[40]. - Net cash provided by operating activities for Q1 2025 was $142 million, down from $249 million in Q4 2024 but up from $131 million in Q1 2024[49]. - Long-term debt as of March 31, 2025, was $1,583 million, a slight decrease from $1,617 million at the end of the previous year[38]. - Total debt as of March 31, 2025, was $1,605 million, a slight decrease from $1,634 million in Q4 2024 and a decrease from $1,730 million in Q1 2024[51]. - Net debt as of March 31, 2025, was $675 million, an increase from $659 million in Q4 2024 and a decrease from $793 million in Q1 2024[51]. - Net leverage ratio for the trailing 12 months was 0.52x as of March 31, 2025, compared to 0.48x in Q4 2024 and 0.63x in Q1 2024[51]. Shareholder Returns and Equity - The company repurchased $34 million of Senior Notes and returned $71 million to shareholders, including $18 million in dividends and $53 million in share repurchases[2][13]. - Total shareholders' equity increased to $1,360 million as of March 31, 2025, up from $1,283 million at the end of the previous year[38]. Business Operations and Strategy - The sale of the Pressure Pumping business in Argentina was completed as part of the portfolio optimization strategy[2][8]. - The company signed a strategic agreement with AIQ to enhance energy production efficiency using advanced automation and AI technology[2]. - The company expects to scale back activity level expectations for the remainder of the year while focusing on increasing adjusted free cash flow conversion[7]. - The company plans to continue focusing on strategic solutions that enhance efficiency and flexibility in energy operations[26]. - Weatherford operates in approximately 75 countries with around 18,000 team members, indicating a strong global presence[26]. Regional Performance - North America revenue decreased by 6% year-over-year to $250 million, primarily due to lower activity in DRE and WCC segments[22]. - International revenue was $943 million, a decrease of 14% year-over-year, with Latin America revenue down 35% to $241 million[23]. - First quarter 2025 revenue for Europe/Sub-Sahara Africa/Russia was $199 million, a decrease of $25 million or 11% year-over-year, primarily due to lower activity across all segments[25]. - Revenues for Q1 2025 were $1,193 million, a decrease of 11% from $1,341 million in Q4 2024 and a decrease of 12% from $1,358 million in Q1 2024[49].