BAAR, SWITZERLAND, October 29, 2018 - Weatherford International plc (NYSE: WFT) reported a net loss of $199 million, or a loss of $0.20 per share, for the third quarter of 2018. This compares to a net loss of $256 million, or a loss of $0.26 per share, for the third quarter of 2017.
The non-GAAP net loss for the third quarter of 2018, which excludes unusual charges and credits, was $103 million, or $0.10 diluted loss per share. This compares to a $156 million non-GAAP net loss in the prior quarter, or $0.16 diluted loss per share, and a $221 million non-GAAP net loss for the third quarter of 2017, or $0.22 diluted loss per share.
Increased segment operating income by 68% sequentially and by $123 million on a year-over-year basis.
Reached an agreement with lenders to extend the revolving credit facility.
Achieved annualized recurring transformation benefits of $300 million, which represents 30% of the total transformation target.
Signed a definitive agreement to divest the laboratory services business for $205 million in cash.
Continued to exceed goals for reducing nonproductive time on a year-to-date basis, extending the improvements achieved over the past four years.
Extended ForeSite® and CygNet® SCADA production software availability on the Google Cloud platform.
Revenue in the third quarter of 2018 was $1.44 billion, a modest decrease from the $1.45 billion of revenue recognized in the prior quarter and an approximately 1% decrease from the $1.46 billion of revenue reported for the third quarter of 2017. Sequentially, seasonal improvements in Canada and activity increases in Continental Europe and Asia were offset by lower overall activity levels in the United States and unfavorable foreign exchange rate movements in Latin America.
On a year-over-year basis, higher revenues associated with integrated service projects in Latin America were offset by lower activity levels in Canada as crude oil differentials expanded, which reduced demand for Completions and Production services and products. Results in Russia were negatively impacted by foreign exchange rate effects.
Operating loss for the third quarter of 2018 was $13 million. Segment operating income in the third quarter of 2018 was $116 million, up $47 million, or 68%, sequentially and up $123 million year-over-year.
The following information was filed by Weatherford International Plc (WFT) on Monday, October 29, 2018 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.
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Ticker: WFT CIK: 1603923 Form Type:10-Q Quarterly Report Accession Number: 0001603923-18-000151 Submitted to the SEC: Fri Nov 02 2018 4:25:06 PM EST Accepted by the SEC: Fri Nov 02 2018 Period: Sunday, September 30, 2018 Industry: Oil And Gas Field Machinery And Equipment