BofA: Investors pour into bonds, pull back from crypto
HOUSTON - Weatherford International plc (NASDAQ:WFRD) reported first quarter earnings that beat analyst estimates, but revenue declined year-over-year as market conditions softened across key geographies. The oilfield services company’s shares slipped 1% following the release.
Weatherford posted adjusted earnings per share of $1.03 for Q1, surpassing the analyst consensus of $0.92. However, revenue fell 12% YoY to $1.19 billion, in line with expectations.
The company cited significant market softening across key regions, especially Mexico, the United Kingdom (TADAWUL:4280) and North America, which created headwinds for activity levels. Revenue declined across all three of Weatherford’s business segments compared to the prior year.
"The first quarter was marked by significant market softening across key geographies, especially Mexico, the United Kingdom and North America," said Girish Saligram, President and CEO. "This created headwinds for activity levels but the One Weatherford team continued to focus on the controllable elements of the business, driving execution to deliver results inline with expectations."
Looking ahead, Weatherford expects continued uncertainty around customer activity levels due to macroeconomic factors and geopolitical tensions. The company is accelerating efficiency programs to position itself for various scenarios that may unfold later this year.
Despite the challenges, Weatherford remains confident in increasing its adjusted free cash flow conversion for full year 2025. The company generated $142 million in operating cash flow and $66 million in adjusted free cash flow during Q1.
Weatherford’s board approved a quarterly cash dividend of $0.25 per share, payable on June 5, 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.