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Weatherford (WFT) Posts Narrower-Than-Expected Loss in Q3

Weatherford International Ltd WFT reported third-quarter 2017 adjusted loss of 22 cents per share, narrower than the Zacks Consensus Estimate of 24 cents and year-earlier adjusted loss of 39 cents.

Total revenues of $1,460 million increased from $1,356 million in the year-ago period but lagged the Zacks Consensus Estimate of $1,481 million.
 

Weatherford International PLC Price, Consensus and EPS Surprise

 

Weatherford International PLC Price, Consensus and EPS Surprise | Weatherford International PLC Quote

 

Operational Performance

North American revenues in the third quarter were $538 million, up 19.8% year over year. Operating income in the quarter was $33 million as against an operating loss of $95 million in the year-ago quarter.

Middle East/North Africa/Asia recorded revenues of $335 million, up 1.8% year over year. The company reported operating income of $8 million that compared favorably with an operating loss of $8 million in the year-ago quarter.

Europe/West Africa/FSU witnessed a 12% year-over-year increase in revenues to $252 million. The company recorded operating income of $14 million that compared favorably with an operating loss of $3 million in the year-ago quarter.

Latin American revenues were $229 million, down 10.2% year over year. Third-quarter operating loss of $5 million compared unfavorably with an operating income of $14 million in the year-ago quarter.

Liquidity

As of Sep 30, Weatherford had $445 million in cash and cash equivalents. The company’s long-term debt was $7,530 million. Weatherford spent approximately $65 million in capital expenditures during the reported quarter.

Zacks Rank & Key Picks

Currently, Weatherford carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy sector are Braskem SA BAK, ConocoPhillips COP and Noble Midstream Partners LP NBLX. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The largest petrochemical operator in Latin America, Braskem, delivered a positive earnings surprise of 68.54% in the preceding quarter.

ConocoPhillips, based in Houston, TX, is a major global exploration and production (E&P) company. It delivered an average positive earnings surprise of 152.34% in the last four quarters.

Noble Midstream Partners, headquartered in Houston, TX, has diversified energy infrastructure properties. The company delivered a positive earnings surprise of 30.67% in the preceding quarter.

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Weatherford International PLC (WFT): Free Stock Analysis Report
 
Braskem S.A. (BAK): Free Stock Analysis Report
 
Noble Midstream Partners LP (NBLX): Free Stock Analysis Report
 
ConocoPhillips (COP): Free Stock Analysis Report
 
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