HOUSTON - Weatherford International plc (NASDAQ:WFRD) reported third-quarter earnings that surpassed analyst expectations, while revenue fell slightly short of estimates. The oilfield services company saw strong growth in net income and margins compared to the prior year.
Weatherford posted adjusted earnings per share of $2.06 for Q3, beating the analyst consensus of $1.68 by $0.38. Revenue came in at $1.41 billion, just below the $1.43 billion estimate.
Compared to the same quarter last year, revenue increased 7% to $1.409 billion. Net income jumped 28% YoY to $157 million, with net income margin expanding to 11.1%.
"I want to thank the Weatherford team for once again delivering strong margins and adjusted free cash flow despite a volatile macro environment and short cycle activity reductions," said Girish Saligram, President and CEO.
Adjusted EBITDA grew 16% YoY to $355 million, with adjusted EBITDA margin improving by 197 basis points to 25.2%. Cash flow from operations increased to $262 million, up $90 million from last year.
The company returned $68 million to shareholders in Q3 through $50 million in share repurchases and an $18 million dividend payment. Weatherford's board approved another quarterly dividend of $0.25 per share.
Looking ahead, Saligram said Weatherford still expects "strong revenue growth and adjusted EBITDA margins of greater than 25% for the full year" despite some market softness.
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