Business
Weatherford Announces Fourth Quarter and Full Year 2023 Results
Fourth quarter revenue of $1,362 million increased 4% sequentially and 13% year-over-year; full year revenue of $5,135 million, increased 19% from prior year,
About this update from Weatherford International Plc
[{"type":"text","content":"Fourth quarter revenue of $1,362 million increased 4% sequentially and 13% year-over-year; full year revenue of $5,135 million, increased 19% from prior year, driven by international revenue growth of 26%Fourth quarter operating income of $216 million decreased 1% sequentially and increased 28% year-over-year; full year operating income of $820 million, increased 99% from prior yearFourth quarter net income of $140 million, a 10.3% margin, increased 14% sequentially and increased 94% year-over-year; full year net income of $417 million, an 8.1% margin, increased by 1,504% from prior yearFourth quarter adjusted EBITDA* of $321 million, a 23.6% margin, increased 5% and 34 basis points sequentially and 21% and 157 basis points year-over-year; full year adjusted EBITDA* of $1,186 million, a 23.1% margin, the highest in over 15 years, increased 45% and 423 basis points from prior yearFourth quarter cash provided by operating activities of $375 million and adjusted free cash flow* of $315 million driven by heightened collections; full year cash provided by operating activities of $832 million and adjusted free cash flow* of $651 millionDebt repayments of $226 million on 6.50% Senior Secured Notes comprised of the previously announced $75 million in the fourth quarter of 2023, and an additional $151 million in January 2024Received credit rating upgrades from S&P Global Ratings to ‘B+’ (with a positive outlook) and Moody’s to ‘B1’ (with a positive outlook); newly initiated Fitch Ratings of ‘B+’Closed acquisition of specialty technology plays in the wireline and plug and abandonment space, further highlighting growth prospects for the futureReceived OTC Asia Spotlight on New Technology Award in Tubular Running Services for StringGuard™ *Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled HOUSTON, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the fourth quarter of 2023 and full year 2023. Revenues for the fourth quarter of 2023 were $1,362 million, an increase of 4% sequentially and 13% year-over-year. Operating income was $216 million in the fourth quarter of 2023, compared to $218 million in the third quarter of 2023 and $169 million in the fourth quarter of 2022. Net...