Business
Weatherford Announces First Quarter 2022 Results
Revenues of $938 million increased 13% year-over-yearOperating income totaled $18 million and adjusted EBITDA[1] totaled $151 million, or 16% adjusted EBITDA
About this update from Weatherford International Plc
[{"type":"text","content":"Revenues of $938 million increased 13% year-over-yearOperating income totaled $18 million and adjusted EBITDA[1] totaled $151 million, or 16% adjusted EBITDA margins representing increases of 238%, 48% and 380 basis points year-over-year respectivelyCash used in operating activities was $64 million and negative free cash flow[1] was $64 million mainly driven by working capital requirementsInnovation focus highlighted with commercialization of new technology and expanded Managed Pressure Drilling and Tubular Running Services offeringsOTC Asia Spotlight on New Technology Award for our Memory Raptor™ Cased-Hole Evaluation SystemHOUSTON, April 27, 2022 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) (\"Weatherford\" or the \"Company\") announced today its results for the first quarter of 2022.\nRevenues for the first quarter of 2022 were $938 million, an increase of 13% year-over-year and a decrease of 3% sequentially. Operating income was $18 million in the first quarter of 2022, compared to an operating loss of $13 million in the first quarter of 2021 and an operating income of $33 million in the fourth quarter of 2021. The Company's first quarter of 2022 net loss was $80 million, compared to a net loss of $116 million in the first quarter of 2021 and a net loss of $161 million in the fourth quarter of 2021.\nFirst quarter 2022 cash flows used in operations were $64 million, compared to cash flows provided by operations of $74 million in the first quarter of 2021 and $88 million in the fourth quarter of 2021. Capital expenditures were $20 million in the first quarter of 2022, compared to $15 million in the first quarter of 2021 and $41 million in the fourth quarter of 2021.\nAdjusted EBITDA[1] was $151 million, an increase of 48% year-over-year and a decrease of 2% sequentiallyUnlevered free cash flow[1] was negative $47 million, a decrease of $141 million year-over-year and a decrease of $194 million sequentiallyFree cash flow[1] was negative $64 million, a decrease of $134 million year-over-year and a decrease of $113 million sequentiallyRestructuring charges of $20 million during the quarter primarily reflect investments in fulfillment initiativesOther charges, net of $19 million primarily relate to the write-down of all of our assets in Ukraine, excluding cashGirish Saligram, President and Chief Executive Officer,...