Weatherford (WFT) Tops Q2 EPS by 2c, Miss on Revenues

Weatherford (NYSE: WFT) reported Q2 EPS of ($0.16), $0.02 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $1.45 billion versus the consensus estimate of $1.47 billion.

Mark A. McCollum, President and Chief Executive Officer, commented, "We have taken significant steps to strengthen our organization and lay the foundation for sustainable growth. Our second quarter results reflect improvement in revenues, segment operating income and adjusted EBITDA and confirm that we are on the path to becoming a stronger and healthier company. As global activity levels continue to improve and our transformation continues to gain momentum, I remain confident that we will reach our previously outlined operational and financial objectives, including achieving $1 billion in annualized recurring adjusted EBITDA benefit by year-end 2019."

McCollum continued, "Seasonal trends worked against us this quarter, causing us to miss our working capital objectives and, in turn, our cash flow target. The entire organization, however, remains intensely focused on delivering our objective of breakeven free cash flow for the year, and remedial actions have already been implemented to get us back on plan. With a clear mission, the right structure, and a solid strategy, our team is embracing this challenge head-on. We are continuing to drive significant change across all aspects of our business to better position Weatherford to create value for all of our stakeholders."

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

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