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Weatherford International (NASDAQ:WFRD) +6% in trading next Wednesday GAAP earnings Q1 easily beat expectations and revenue grew 26% year-on-year to $1.18 billion, generating profit margins that were above the company’s record in Q4 2022.
Q1 net income came in at a profit of $72 million, or $0.97 per share, from a net loss of $80 million, or $1.14 per share, during quarter-over-quarter, while total revenue increased to $1.19 billion from $938 million.
Q1 revenue by segment: Well Construction & Finishing increased 22% y/y to $421 million, Drilling & Evaluation up 27% to $372 million, Manufacturing & Intervention up 22% to $349 million.
Adjusted EBITDA margin for the Q1 segment increased YoY across the board: Well Construction & Completion from 19.5% to 22.8%, Drilling & Evaluation from 20.2% to 29 %, Production & Intervention from 13.6% to 19.5%.
Weatherford (WFRD) said, is currently seeing a Y/Y increase in revenue for teenagers and an adjusted EBITDA margin of at least 250 bps Y/Y, which should result in the generation of adjusted free cash flow is higher than in 2022.
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