Weatherford International(US:WFRD)2024-04-23 20:36Financial Performance - First quarter 2024 revenue was $1,358 million, a 15% increase year-over-year, driven by international growth of 21%[2] - Operating income for the first quarter was $233 million, reflecting a 26% year-over-year increase[2] - Net income reached $112 million, with an 8.2% margin, marking a 56% increase year-over-year[2] - Adjusted EBITDA for the first quarter was $336 million, a 24.7% margin, up 25% year-over-year and the highest in over 15 years[2] - Total revenues for Q1 2024 were $1,358 million, a slight decrease from $1,362 million in Q4 2023 but an increase from $1,186 million in Q1 2023[35] - Net income for Q1 2024 was $123 million, down from $147 million in Q4 2023 but up from $81 million in Q1 2023[35] - Basic income per share for Q1 2024 was $1.54, compared to $1.94 in Q4 2023 and $1.00 in Q1 2023[35] - Adjusted EBITDA for Q1 2024 was $336 million, compared to $321 million in Q4 2023 and $269 million in Q1 2023, resulting in an adjusted EBITDA margin of 24.7%[50] - Operating income for Q1 2024 was $233 million, an increase from $216 million in Q4 2023 and $185 million in Q1 2023[50] Revenue Breakdown - International revenue for the first quarter was $1,091 million, a 21% increase year-over-year[23] - Middle East/North Africa/Asia revenue increased by $121 million, or 32% year-over-year, primarily due to increased integrated services and projects[24] - North America revenue decreased by 7% year-over-year to $267 million, primarily due to a slowdown in overall activity[22] Cash Flow and Debt Management - Cash provided by operating activities was $131 million, an increase of $47 million year-over-year[13] - Cash flows from operating activities in Q1 2024 were $131 million, significantly lower than $375 million in Q4 2023 but higher than $84 million in Q1 2023[40] - Total debt decreased to $1,730 million in Q1 2024 from $1,883 million in Q4 2023, while cash and cash equivalents were $824 million[53] - The company reduced debt by $1 billion in less than three years, achieving a net leverage of 0.6x, the lowest in over 15 years[7] - Net leverage ratio improved to 0.6x in Q1 2024 from 0.7x in Q4 2023, down from 1.3x in Q1 2023, indicating better debt management[53] - Adjusted free cash flow for Q1 2024 was $82 million, significantly lower than $315 million in Q4 2023 but up from $27 million in Q1 2023[50] Equity and Capital Expenditures - Total shareholders' equity increased to $1,100 million as of March 31, 2024, up from $922 million at the end of 2023[37] - Capital expenditures for property, plant, and equipment were $59 million in Q1 2024, down from $67 million in Q4 2023[50] Future Outlook and Strategic Initiatives - Full year adjusted EBITDA margin guidance was raised to 25% for 2024, up from previous expectations[8] - The company plans to continue investing in technology and digitalization to enhance operational efficiency and sustainability[31] - The company will host a conference call on April 24, 2024, to discuss its Q1 2024 results and future outlook[27] Workforce and Operations - Weatherford operates in approximately 75 countries with a workforce of about 18,800 employees[26]