Business
Weatherford Announces Second Quarter 2024 Results and Shareholder Return Program
Revenues of $1,405 million increased 3.5% sequentially and 10% year-over-year, driven by international revenue growth of 6% sequentially and 14%
About this update from Weatherford International Plc
[{"type":"text","content":"Revenues of $1,405 million increased 3.5% sequentially and 10% year-over-year, driven by international revenue growth of 6% sequentially and 14% year-over-yearOperating income of $264 million increased 13% sequentially and 31% year-over-yearNet income of $125 million increased 12% sequentially and 52% year-over-year; net income margin of 8.9%Adjusted EBITDA* of $365 million increased 9% sequentially and 25% year-over-year; adjusted EBITDA margin* of 26.0% increased by 124 basis points sequentially and by 314 basis points year-over-yearCash provided by operating activities of $150 million; adjusted free cash flow* of $96 millionIntroduced the Company’s first-ever shareholder return program with an annual dividend of $1 per share and authorized a three-year share repurchase program of $500 millionInitiating a regular quarterly cash dividend of $0.25 per share of ordinary shares, starting in September 2024Fully redeemed our 6.5% Senior Secured Notes; net leverage* at 0.5x, long-term debt at $1.6 billionExpanded the size of our Credit Facility to $720 millionLaunched ForeSite® EDGE 2.0, our next-generation scalable IoT-enabled automation solution enhancing customers’ advanced autonomous production optimization in real time *Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled HOUSTON, July 23, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the second quarter of 2024. Revenues for the second quarter of 2024 were $1,405 million, an increase of 3.5% sequentially and an increase of 10% year-over-year. Operating income was $264 million in the second quarter of 2024, compared to $233 million in the first quarter of 2024 and $201 million in the second quarter of 2023. Net income in the second quarter of 2024 was $125 million, an 8.9% margin, an increase of 12% or 65 basis points sequentially, and an increase of 52% or 246 basis points year-over-year. Adjusted EBITDA* was $365 million, a 26.0% margin, an increase of 9% or 124 basis points sequentially, and an increase of 25% or 314 basis points year-over-year. Diluted income per share was $1.66 compared to $1.50 in the first quarter of 2024 and $1.12 in the second quarter of 2023. Second quarter 2024 cash flows provided by operating...