Weatherford's 3Q07 Earnings Per Share Increased 27% over 3Q06

Weatherford International (NYSE: WFT) reported third quarter 2007 income from continuing operations of $294.9 million, or $0.85 per diluted share. Third quarter diluted earnings per share from continuing operations reflect an improvement of 27% over the third quarter of 2006 diluted earnings per share from continuing operations of $0.67.

Third quarter revenues were $1,972.0 million, or 16% higher than the same period last year, against a backdrop of flat rig count activity.

Sequentially, the company’s third quarter diluted earnings per share from continuing operations were $0.17 higher than the second quarter 2007 diluted earnings per share from continuing operations of $0.68, before non-recurring items.

In the first nine months of 2007, revenues were $5.6 billion and income from continuing operations before non-recurring items was $816.4 million, or $2.35 per diluted share. In 2006, the company reported revenues for the first nine months of $4.8 billion and income from continuing operations before non-recurring items of $633.0 million, or $1.77 per diluted share.

North America

Revenues for the quarter were $993.8 million. This is a 4% increase over the same quarter in the prior year, as compared to a 3% rig count decline. Growth in the U.S. rig count was more than offset by a 29% drop in the Canadian rig count. Sequentially, revenues increased 13%, as compared to a 12% increase in rig count. Artificial lift, directional & under balanced drilling and wireline performed exceptionally well.

Operating income of $264.2 million was six % lower than the same quarter in the prior year and 37% higher sequentially.

Latin America

Third quarter revenues of $213.6 million were 23% higher than the third quarter of 2006 and three % higher than the prior quarter. This region’s performance reflected the strongest sequential growth in its artificial lift, directional & under balanced drilling and well construction service lines.

The current quarter’s operating income of $45.5 million improved 63% as compared to the same quarter in the prior year and was flat as compared to the second quarter of 2007.

Europe/West Africa/CIS

Third quarter revenues of $308.6 million were 43% higher than the third quarter of 2006 and six % higher than the prior quarter. This region improved across most product lines with the strongest growth in the artificial lift, completion, directional & under balanced drilling, and well construction service lines.

The current quarter’s operating income of $73.9 million improved 60% as compared to the same quarter in the prior year and 7% higher sequentially.

Middle East/North Africa/Asia

Third quarter revenues of $455.9 million were 29% higher than the third quarter of 2006 and 5% higher than the prior quarter. This region’s performance reflected improvements in its directional & under balanced drilling, well construction, artificial lift and wireline service lines.

The current quarter’s operating income of $103.7 million improved 46% as compared to the same quarter in the prior year and 7% as compared to the prior quarter.

Discontinued Operations

The company is disposing of its non-core oil and gas development and production business. The results of operations of this business for the current and prior periods are reflected as discontinued operations, net of taxes. For the three months ended September 30, 2007, the loss per diluted share from discontinued operations was $0.01.

Reclassifications and Non-GAAP

Non-GAAP performance measures and corresponding reconciliations to GAAP financial measures have been provided for meaningful comparisons between current results and results in prior operating periods.

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