Business
Weatherford Announces Fourth Quarter and Full Year 2022 Results
Fourth quarter revenues of $1,209 million, increased 8% sequentially and 25% year-over-year; full year revenues of $4,331 million, increased 19% from prior
About this update from Weatherford International Plc
[{"type":"text","content":"Fourth quarter revenues of $1,209 million, increased 8% sequentially and 25% year-over-year; full year revenues of $4,331 million, increased 19% from prior year, the highest growth rate in over 10 yearsFourth quarter operating income of $169 million, increased 40% sequentially and 412% year-over-year; full year operating income of $412 million, increased 255% from prior yearFourth quarter net income of $72 million, increased 157% sequentially; full year net income of $26 million, compared to net loss of $450 million in the prior yearFourth quarter adjusted EBITDA[1] was $266 million, a 22.0% margin with a 290 basis point sequential improvement and 73% improvement year-over-year; full year adjusted EBITDA[1] of $817 million, a 18.9% margin, representing a 43% increase year-over-year and a 320 basis point improvementFourth quarter net cash provided by operating activities was $193 million and free cash flow[1] was $171 million; full year net cash provided by operating activities was $349 million and free cash flow[1] was $299 millionCredit rating upgrades from Standard & Poor from “B-” to “B”Credit facility increased from $370 million to $400 millionTotal debt repayments of $214 million from January 1, 2022 through January 31, 2023, including the previously announced $175 million and an additional $39 millionOver $6.5 billion of global commercial wins in full year 2022 HOUSTON, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the fourth quarter of 2022 and full year 2022. Revenues for the fourth quarter of 2022 were $1,209 million, an increase of 8% sequentially and 25% year-over-year. Operating income was $169 million in the fourth quarter of 2022, compared to $121 million in the third quarter of 2022 and $33 million in the fourth quarter of 2021. The Company’s fourth quarter of 2022 net income was $72 million, compared to $28 million in the third quarter of 2022 and a net loss of $161 million in the fourth quarter of 2021. Fourth quarter 2022 cash flows provided by operations were $193 million, compared to $160 million in the third quarter of 2022 and $88 million in the fourth quarter of 2021. Capital expenditures were $49 million in the fourth quarter of 2022, compared to $39 million in the third quarter of 2022 and $41 million in the...