Business
Weatherford Provides Preliminary Third-Quarter 2021 Performance Update and Announces Third-Quarter 2021 Conference Call
HOUSTON, Oct. 12, 2021 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") provides a preliminary financial
About this update from Weatherford International Plc
[{"type":"text","content":"HOUSTON, Oct. 12, 2021 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) (\"Weatherford\" or the \"Company\") provides a preliminary financial performance update for the fiscal quarter ended September 30, 2021 and announces it will host a conference call on Tuesday, November 2, 2021 to discuss the Company's results for the third quarter 2021. \nPRELIMINARY FINANCIAL PERFORMANCE UPDATE FOR Q3'21 RELATIVE TO Q2'21\nConsolidated revenues expected to increase by 4% to 5% Adjusted EBITDA expected to be higher by at least 25% and Adjusted EBITDA margins expected to increase by at least 350 basis points Operating income expected to increase by at least 50% Cash flow from operations and free cash flow expected to be at least 75% higher Girish Saligram, President and Chief Executive Officer, commented, \"Our focus on driving our key imperatives continues to deliver demonstrable proof of the ongoing operational turnaround at Weatherford. We expect to outperform relative to the expectations we laid out in July for Q3, driven by our ability to capture activity increases at greater fall through margins. We recognize that we still have work to do to ensure our goal of sustainable profitability and positive free cash flow generation across cycles and at baseload activity levels. We are committed to institutionalizing the current improvements in our core operating processes to ensure balanced performance going forward. We will provide further details on our Q3 results, as well as the expected impact on Q4 and full-year guidance, as part of our scheduled earnings release on November 2nd.\" \nNon-GAAP Measures\nWeatherford reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, the Company's management believes that certain non-GAAP financial measures and ratios may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts provided should not be considered as substitutes for operating income, net income or other data prepared and reported in accordance with GAAP, but should be viewed in addition to the Company's reported results prepared in accordance with GAAP.\nThe percentages reported above are preliminary. The Company is currently unable to determi...