Weatherford (WFRD) Misses Q2 Earnings and Revenue Estimates

Company Performance - Weatherford reported quarterly earnings of $1.66 per share, missing the Zacks Consensus Estimate of $1.71 per share, but showing an increase from $1.12 per share a year ago [1] - The company posted revenues of $1.41 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate by 1.37%, compared to $1.27 billion in the same quarter last year [2] - Over the last four quarters, Weatherford has surpassed consensus EPS estimates three times [6] Stock Performance - Weatherford shares have increased approximately 35.2% since the beginning of the year, outperforming the S&P 500's gain of 16.7% [7] - The current consensus EPS estimate for the upcoming quarter is $1.80 on revenues of $1.47 billion, and for the current fiscal year, it is $7.10 on revenues of $5.79 billion [9] Industry Outlook - The Oil and Gas - Field Services industry, to which Weatherford belongs, is currently ranked in the bottom 9% of over 250 Zacks industries, indicating potential challenges ahead [5] - The estimate revisions trend for Weatherford is mixed, leading to a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [13]