Weatherford -3.8% as Q4, FY 2014 earnings seen well below consensus


Weatherford (WFT) -3.8% premarket after issuing downside guidance for Q4, seeing EPS of $0.05-$0.08 vs. analyst consensus estimate, and for FY 2014, seeing EPS of $1.10-$1.20 vs. $1.22 consensus.

WFT blames the shortfall on capital discipline driven activity reductions in Latin America, operational disruptions in the Middle East, severe weather which hurt activity in North America and the North Sea, and a ~50% effective tax rate which added $0.03 to Q4 tax expense.

Expects to cut 7K employees, ~10% of its workforce, in H1 of this year.

Net debt was reduced by nearly $700M, reflecting strong operating cash flow and the partial monetization of the previously announced sale of the Borets joint venture.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs