Business
Weatherford Announces First Quarter 2024 Results and Raises Full Year Margin Guidance
First quarter revenue of $1,358 million increased 15% year-over-year, led by international growth of 21%First quarter operating income of $233 million
About this update from Weatherford International Plc
[{"type":"text","content":"First quarter revenue of $1,358 million increased 15% year-over-year, led by international growth of 21%First quarter operating income of $233 million increased 26% year-over-yearFirst quarter net income of $112 million, an 8.2% margin, increased 56% year-over-yearFirst quarter adjusted EBITDA* of $336 million, a 24.7% margin and the highest in over 15 years, increased 25% and 206 basis points year-over-yearCash provided by operating activities of $131 million, and adjusted free cash flow* of $82 millionDebt repayments of $167 million on our 6.50% Senior Secured Notes in the first quarter of 2024Issued notice to redeem the remaining $82 million of our 6.5% Senior Secured Notes, leaving only the $1.6 billion long term notes due 2030 outstanding thereafterExpanded the size of our Credit Facility to $680 million, up from $550 million, with $371 million of borrowing capacity *Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled HOUSTON, April 23, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the first quarter of 2024. Revenues for the first quarter of 2024 were $1,358 million, an increase of 15% year-over-year and almost flat sequentially. Operating income was $233 million in the first quarter of 2024, compared to $185 million in the first quarter of 2023 and $216 million in the fourth quarter of 2023. Net income in the first quarter of 2024 was $112 million, an 8.2% margin, an increase of 56% or 218 basis points year-over-year and a decrease of 20% or 203 basis points sequentially. Adjusted EBITDA* was $336 million a 24.7% margin, an increase of 25% or 206 basis points year-over-year and 5% or 117 basis points sequentially. Diluted income per share was $1.50, compared to $0.97 in the first quarter of 2023 and $1.90 in the fourth quarter of 2023. First quarter 2024 cash flows provided by operating activities were $131 million, compared to $84 million in the first quarter of 2023 and $375 million in the fourth quarter of 2023. Adjusted free cash flow* was $82 million, an increase of $55 million year-over-year and a decrease of $233 million sequentially. Capital expenditures were $59 million in the first quarter of 2024, compared to $64 million in the first quarter of 2023 an...