Weatherford (WFT) Tops Q1 EPS by 4c, Miss on Revenues

Weatherford (NYSE: WFT) reported Q1 EPS of ($0.19), $0.04 better than the analyst estimate of ($0.23). Revenue for the quarter came in at $1.42 billion versus the consensus estimate of $1.46 billion.

First Quarter 2018 Highlights

• Segment operating income improved by 145% year-over-year
• Successfully extended 2019 and 2020 debt maturities through closing a private offering of $600 million in senior notes
• Estimated recurring benefit of $108 million in annualized cost savings and $41 million in one-time benefits as part of the transformation effort
• Won OTC Asia Spotlight on New Technology Awards for the HeatWave ExtremeSM service and the WFX0™ openhole gravel-pack system
• Launched two of the planned divestitures processes and made further progress on our Land Drilling Rigs divestiture

For earnings history and earnings-related data on Weatherford (WFT) click here.

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