BAAR, SWITZERLAND, April 28, 2017 - Weatherford International plc (NYSE: WFT) reported a net loss of $448 million, or a loss of $0.45 per share, and non-GAAP net loss of $318 million before charges and credits ($0.32 non-GAAP loss per share) on revenues of $1.39 billion for the first quarter of 2017.
First Quarter 2017 Highlights
Net cash used in operating activities was $179 million;
Operating margins improved by 166 basis points sequentially, with 123% incrementals;
OneStimSM joint venture agreement was reached with Schlumberger;
Closed six manufacturing facilities; and
Received the Offshore Technology Conference 2017 Spotlight New Technology Award for our AutoFrac® RFID-enabled stimulation system.
Mark A. McCollum, President and Chief Executive Officer, commented, “I am honored to have the opportunity to lead Weatherford, an organization with a reputation for exceptional technologies and collaborative customer relationships, a strong global market presence and a high-caliber, diverse workforce. Building on a rich base of opportunities, I look forward to guiding our Company to reach its full potential.”
“In our next chapter, we intend to intensely focus on execution and process discipline, which will serve as our cornerstones for improved profitability and returns. As we emerge from the worst downturn in oilfield history, there has never been a more important time for collaboration across our organization as well as with our clients, reinforcing our commitment to being a trusted business partner to those we serve. Guided by our core values of ethics, integrity and accountability, we will challenge ourselves to consistently deliver greater value for our customers and our shareholders.”
The following information was filed by Weatherford International Plc (WFT) on Friday, April 28, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Weatherford International Plc's financial trajectory
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Ticker: WFT CIK: 1603923 Form Type:10-Q Quarterly Report Accession Number: 0001603923-17-000076 Submitted to the SEC: Fri Apr 28 2017 4:07:04 PM EST Accepted by the SEC: Fri Apr 28 2017 Period: Friday, March 31, 2017 Industry: Oil And Gas Field Machinery And Equipment