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HOUSTON - On Wednesday, Weatherford International plc (NASDAQ:WFRD) reported second-quarter earnings that significantly exceeded analyst expectations.
The company’s shares were up 3.09% in pre-market trading following the announcement.
The oilfield services provider posted adjusted earnings of $1.87 per share for the second quarter, substantially beating the analyst estimate of $0.98. Revenue came in at $1.2 billion, slightly above the consensus estimate of $1.19 billion but down 14% YoY. Despite industry headwinds, the company achieved a 1% sequential revenue increase while operating income jumped 67% sequentially to $237 million.
"Despite these structural headwinds, the One Weatherford team delivered second-quarter results in line with expectations, reflecting disciplined execution and operational efficiency in a distinctly softer market," said Girish Saligram, President and Chief Executive Officer.
Net income for the quarter was $136 million, representing a 79% sequential increase and a 9% YoY improvement. The company’s net income margin expanded to 11.3%, up 493 basis points sequentially. Adjusted EBITDA remained flat sequentially at $254 million with a 21.1% margin, though this marked a 30% decrease YoY.
Weatherford returned $52 million to shareholders during the quarter through dividends of $18 million and share repurchases of $34 million. The company’s board approved a quarterly cash dividend of $0.25 per share, payable on September 4, 2025.
Looking ahead, management noted that activity levels in both North America and international markets continue to show signs of sluggishness. "Expectations for a broader sector recovery have shifted further to the right," Saligram added, while emphasizing the company’s focus on driving adjusted free cash flow conversion through portfolio optimization and cost efficiencies.
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