Weatherford details plans to cut 6,600 jobs, takes $263M charge in Q1


Weatherford (WFT) pushes ahead with its corporate downsizing, saying in its Q1 earnings report that it has so far identified more than 6,600 positions for elimination and completed ~56% of its planned workforce, with an estimated pretax annualized savings of $263M.

WFT also says it began the process of closing 20 underperforming operating locations in various countries.

Reaffirms guidance for FY 2014, seeing EPS of $1.10-$1.20 vs. $1.00 analyst consensus estimate.

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