Weatherford +12% as Q1 loss comes in lighter than expected [Seeking Alpha]
WEATHERFORD INTL (WFT)
Last weatherford intl earnings: 2/1 06:50 am
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US:NYSE Investor Relations:
weatherford.com/en/investor-relations
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Source: Seeking Alpha
Weatherford +12% as Q1 loss comes in lighter than expectedWeatherford International (NYSE:WFT)+11.9% premarket after reporting a narrower than forecastQ1 loss, while revenues rose 3% Y/Y but fell 4% Q/Q to $1.42B, slightly below consensus.WFT says the Q/Q revenue decline was due to non-repeating year-end product sales as well as seasonal declines in the North Sea and Russia, while the Y/Y increase was due mostly to activity increases in the U.S., Argentina and Mexico in the Western Hemisphere and Kuwait, Iraq, Russia and Saudi Arabia in the Eastern Hemisphere.The company attributes the lighter than expected loss to revenue growth in production and well construction in the U.S. and parts of Latin America combined with higher activity and improved service quality across all product lines in the Middle East and Russia.See all stocks on the move »Now read:Oakmark Select Fund: Q1 2018 »
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