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

|About: Weatherford International Ltd. (WFT)|By:, SA News Editor

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.