Seeking Alpha

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.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector