Business
Weatherford Announces Third Quarter 2023 Results and Raises Full-Year Outlook
Revenues of $1,313 million increased 3% sequentially and 17% year-over-year, driven by international revenue growth of 3% sequentially and 27%
About this update from Weatherford International Plc
[{"type":"text","content":"Revenues of $1,313 million increased 3% sequentially and 17% year-over-year, driven by international revenue growth of 3% sequentially and 27% year-over-yearOperating income of $218 million increased 8% sequentially and 80% year-over-yearNet income of $123 million increased 50% sequentially and 339% year-over-year; net income margin of 9.4%Adjusted EBITDA* of $305 million increased 5% sequentially and 43% year-over-year; adjusted EBITDA margin* of 23.2%, highest in over 14 yearsCash provided by operating activities of $172 million and adjusted free cash flow* of $137 millionDebt repayments of $147 million on 6.50% Senior Secured Notes comprised of $72 million in the third quarter of 2023, and an additional $75 million in October 2023Announced $550 million credit facility with $300 million borrowing capacity and five-year maturityLaunched ForeSite® ReGenX-i, the energy industry’s first regenerative variable-speed drive for rod-lift systems, harnessing untapped energy through recycling otherwise wasted power, and reducing emissions *Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled HOUSTON, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the third quarter of 2023. Revenues for the third quarter of 2023 were $1,313 million, an increase of 3% sequentially and 17% year-over-year. Operating income was $218 million in the third quarter of 2023, compared to $201 million in the second quarter of 2023 and $121 million in the third quarter of 2022. Net income in the third quarter of 2023 was $123 million, an increase of 50% or 293 basis points sequentially, and an increase of 339% or 687 basis points year-over-year. Adjusted EBITDA* was $305 million, an increase of 5% or 39 basis points sequentially, and an increase of 43% or 412 basis points year-over-year. Basic income per share was $1.70, compared to $1.14 in the second quarter of 2023 and $0.39 in the third quarter of 2022. Third quarter 2023 cash flows provided by operations were $172 million, compared to $201 million in the second quarter of 2023 and $160 million in the third quarter of 2022. Adjusted free cash flow* was $137 million, a decrease of $35 million sequentially and an increase of $4 million year-over-ye...