Free Post Earnings Research Report: Weatherford’s Revenue Grew 3%; Net Loss Narrowed

Stock Monitor: Andeavor Logistics Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 10, 2018 / If you want access to our free earnings report on Weatherford International PLC (NYSE: WFT), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=WFT. Weatherford reported its first-quarter fiscal 2018 operating and financial results on April 24, 2018. The oilfield services company reported better than expected results. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Andeavor Logistics LP (NASDAQ: ANDX), which also belongs to the Basic Materials sector as the Company Weatherford Intl. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Weatherford International most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=WFT

Earnings Highlights and Summary

Weatherford’s revenue was $1.42 billion in the first quarter of 2018, which was 3% higher than the $1.39 billion of revenue reported in Q1 2017, primarily driven by activity increases in the US, Argentina, and Mexico in the Western Hemisphere and Kuwait, Iraq, Russia, and Saudi Arabia in the Eastern Hemisphere. The Company’s reported numbers fell short of analysts’ estimates of $1.47 billion.

During Q1 2018, Weatherford’s operating loss was $39 million. Excluding unusual charges and credits, the segment’s operating income was $40 million in the reported quarter, up $129 million, or 145% on a y-o-y basis, led by revenue growth in Production and Well Construction in the US and parts of Latin America combined with higher activity and improved service quality across all product lines in the Middle-East and Russia. Results also benefited from an overall reduction in cost structure as well as lower depreciation due to asset sales and impairments in prior quarters.

In Q1 2018, Weatherford recorded pre-tax charges of $57 million, which include $34 million related to the bond tender and call premium, $26 million in currency devaluation charges mostly in the Angolan kwanza, $25 million in restructuring and transformation charges and $18 million in asset write-downs and other, net. This was partially offset by $46 million in credits related to the fair value adjustment of the outstanding warrant.

For Q1 2018, Weatherford reported a net loss of $245 million, or $0.25 per share, compared to a net loss of $448 million, or $0.45 per share, for Q1 2017.

Weatherford’s non-GAAP net loss for Q1 2018, excluding unusual charges and credits, was $188 million, or $0.19, diluted loss per share, compared to a non-GAAP net loss of $318 million, or $0.32 per diluted share, for Q1 2017. The Company’s reported numbers were better than market expectations for a loss of $0.22 per share.

Weatherford International’s Segment Results

During Q1 2018, the Western Hemisphere segment’s revenues were $756 million, up 3% on a y-o-y basis, primarily driven by higher adoption of Managed Pressure Drilling and improved utilization of Drilling Tools in the US; growing demand for Pressure Pumping services in Argentina; and Integrated Services and Projects in Mexico. The segment’s operating income was $24 million for the reported quarter compared to an operating loss of $30 million in the year-ago corresponding period, with growth primarily in the US as a result of revenue growth in Production and Well Construction; a decline in operating costs; and lower depreciation.

For Q1 2018, the Eastern Hemisphere segment’s revenues were $667 million, rising 2% on a y-o-y basis, attributed to growth across the Middle-East and Russia due to contract gains and increased rig activity. The segment’s operating income was $16 million in the reported quarter compared to an operating loss of $59 million in the year-earlier comparable quarter, with growth in all product lines primarily in the Middle-East and Russia due to higher activity levels, a reduced cost-structure and improved service quality resulting in greater revenue efficiency.

Cash Matters

During Q1 2018, Weatherford’s net cash used in operating activities was $185 million, primarily attributed to cash payments of $174 million for debt interest and $26 million for cash severance and restructuring costs partially offset by improved collections of accounts receivables. The Company’s capital expenditures were $38 million for the reported quarter, including investments in Land Drilling Rigs held-for-sale assets, decreasing by 51%, sequentially due to lower spending in Well Construction due to project delays and delayed rig mobilizations.

Stock Performance Snapshot

May 09, 2018 – At Wednesday’s closing bell, Weatherford International’s stock advanced 3.06%, ending the trading session at $3.37.

Volume traded for the day: 54.36 million shares, which was above the 3-month average volume of 22.41 million shares.

Stock performance in the last month – up 35.34%; and previous three-month period – up 15.02%

After yesterday’s close, Weatherford International’s market cap was at $3.33 billion.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Equipment & Services industry. This sector was up 2.2% at the end of the session.

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