Weatherford Reports Fourth Quarter and 2014 Annual Results
Fourth Quarter EPS of $0.32 per share (non-GAAP)
Reduces Net Debt by $1.1 billion and generates free cash flow of $180 million
BAAR, SWITZERLAND, February 4, 2015 - Weatherford International plc (NYSE: WFT) reported net income before charges of $252 million ($0.32 diluted earnings per share non-GAAP) on revenues of $3.73 billion for the fourth quarter of 2014.
Full Year 2014 Highlights
Margin improvement of 24% and non-GAAP earnings per share improvement of 67% from 2013;
Non-core divestiture proceeds over $1.7 billion;
Net Debt reduction over $1.2 billion;
Annualized pre-tax cost reduction of $500 million; and
Multiple U.S. government agency investigations settled.
Fourth Quarter 2014 Highlights
Completed the sale of our Engineered Chemistry and Integrity Drilling Fluids businesses;
Completed the sale of our investment in Proserv Group Inc.;
Generated free cash flow from operations of $180 million; and
Reduced net debt by $1.1 billion using proceeds from the divestitures and positive free cash flow from operations.
Bernard J. Duroc-Danner, Chairman of the Board, President and Chief Executive Officer, stated, “We complete 2014 having successfully achieved many of the objectives we set for ourselves a year ago. With a clear and disciplined strategy along with a highly committed management team and group of employees, we generated non-core divestiture proceeds of over $1.7 billion, significantly exceeding our target of $1.0 billion, thereby de-risking the Company substantially, ahead of a cyclically challenged year. We also significantly lowered our cost structure, achieving our goal of $500 million in annualized pre-tax savings. We showed progression on key operating and financial metrics, and we emerge a stronger and leaner company.
With a capable and focused team, we are ready to react swiftly to a dramatically changing landscape. We will adjust to a new reality by focusing on cash and cost, and re-direct the Company’s focus externally. We have a clear view of the additional measures needed to guide our Company as well as the intensity, focus and experience to navigate through the present environment.”
The following information was filed by Weatherford International Plc (WFT) on Thursday, February 5, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: WFT CIK: 1603923 Form Type:10-K Annual Report Accession Number: 0001603923-15-000025 Submitted to the SEC: Tue Feb 17 2015 6:18:03 PM EST Accepted by the SEC: Wed Feb 18 2015 Period: Wednesday, December 31, 2014 Industry: Oil And Gas Field Machinery And Equipment