Weatherford Announces First Quarter 2024 Results and Raises Full Year Margin Guidance
Weatherford International plc - Ordinary shares (WFRD)
Company Research
Source: GlobeNewswire
First quarter revenue of $1,358 million increased 15% year-over-year, led by international growth of 21%First quarter operating income of $233 million increased 26% year-over-yearFirst quarter net income of $112 million, an 8.2% margin, increased 56% year-over-yearFirst quarter adjusted EBITDA* of $336 million, a 24.7% margin and the highest in over 15 years, increased 25% and 206 basis points year-over-yearCash provided by operating activities of $131 million, and adjusted free cash flow* of $82 millionDebt repayments of $167 million on our 6.50% Senior Secured Notes in the first quarter of 2024Issued notice to redeem the remaining $82 million of our 6.5% Senior Secured Notes, leaving only the $1.6 billion long term notes due 2030 outstanding thereafterExpanded the size of our Credit Facility to $680 million, up from $550 million, with $371 million of borrowing capacity *Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measure
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- Weatherford International plc (NASDAQ: WFRD) had its price target raised by analysts at Piper Sandler from $180.00 to $184.00. They now have an "overweight" rating on the stock.MarketBeat