Weatherford International Non-GAAP EPS of $1.12, revenue of $1.21B beats by $50M

• Weatherford International press release (NASDAQ:WFRD): Q4 Non-GAAP EPS of $1.12.
• Revenue of $1.21B (+25.4% Y/Y) beats by $50M.
• Fourth quarter operating income of $169 million, increased 40% sequentially and 412% year-over-year; full year operating income of $412 million, increased 255% from prior year.
• Fourth quarter adjusted EBITDA was $266 million, a 22.0% margin with a 290 basis point sequential improvement and 73% improvement year-over-year; full year adjusted EBITDA of $817 million, a 18.9% margin, representing a 43% increase year-over-year and a 320 basis point improvement
• Fourth quarter net cash provided by operating activities was $193 million and free cash flow was $171 million; full year net cash provided by operating activities was $349 million and free cash flow was $299 million.
• Credit rating upgrades from Standard & Poor from “B-” to “B”
• Credit facility increased from $370 million to $400 million
• Total debt repayments of $214 million from January 1, 2022 through January 31, 2023, including the previously announced $175 million and an additional $39 million
• Over $6.5 billion of global commercial wins in full year 2022.
• Shares +3%.