Business
Weatherford Announces Second Quarter 2023 Results and Raises Full-Year Outlook
Revenues of $1,274 million increased 7% sequentially, driven by international revenue growth of 12%Operating income of $201 million increased 9%
About this update from Weatherford International Plc
[{"type":"text","content":"Revenues of $1,274 million increased 7% sequentially, driven by international revenue growth of 12%Operating income of $201 million increased 9% sequentiallyNet income of $82 million increased $10 million sequentially; net income margin of 6.4%Adjusted EBITDA* of $291 million increased 8% sequentially; adjusted EBITDA margin* of 22.8%Cash provided by operating activities of $201 million and adjusted free cash flow* of $172 millionDebt repayments of $159 million in the second quarter of 2023First deployment of Modus™, our performance tier Managed Pressure Drilling offeringLaunched StringGuard™, a unique technology that enhances safety and operational efficiency by mitigating the risk of dropped strings in Tubular Running Services operations *Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled HOUSTON, July 25, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the second quarter of 2023. Revenues for the second quarter of 2023 were $1,274 million, an increase 7% sequentially and 20% year-over-year. Operating income was $201 million in the second quarter of 2023, compared to $185 million in the first quarter of 2023 and $104 million in the second quarter of 2022. Net income in the second quarter of 2023 was $82 million, compared to $72 million in the first quarter of 2023 and $6 million in the second quarter of 2022. Adjusted EBITDA* was $291 million, an increase of 8% sequentially and 56% year-over-year. Basic income per share was $1.14, compared to $1.00 in the first quarter of 2023 and $0.08 in the second quarter of 2022. Second quarter 2023 cash flows provided by operations were $201 million, compared to $84 million in the first quarter of 2023 and $60 million in the second quarter of 2022. Adjusted free cash flow* was $172 million, an increase of $145 million sequentially and $113 million year-over-year. Capital expenditures were $36 million in the second quarter of 2023, compared to $64 million in the first quarter of 2023 and $24 million in the second quarter of 2022. Girish Saligram, President and Chief Executive Officer, commented, “I am very proud of the One Weatherford team who executed well in a complex second quarter. We continued to build on the momentum from th...