Weatherford International Ltd. reported fourth quarter 2007 income from continuing operations of $345 million, or $0.99 per diluted share, before non-recurring items. Fourth quarter diluted earnings per share from continuing operations reflect an improvement of 30 percent over the fourth quarter of 2006 diluted earnings per share from continuing operations of $0.76, before non-recurring items. The non-recurring item in the fourth quarter of 2007 results includes investigation and exit costs incurred in connection with the company's exit from sanctioned countries.
Fourth quarter revenues were $2,192 million, or 21 percent higher than the same period last year, against a backdrop of a two percent increase in rig count activity. This is the highest level of quarterly revenues in the company's history.
Sequentially, the company's fourth quarter diluted earnings per share from continuing operations were $0.13 higher than the third quarter 2007 diluted earnings per share from continuing operations of $0.86, before non-recurring items.
For the twelve months ended December 31, 2007, revenues were $7.8 billion and income from continuing operations before non-recurring items was $1,164 million, or $3.35 per diluted share. In 2006, the company reported revenues of $6.6 billion and income from continuing operations before non- recurring items of $900 million, or $2.54 per diluted share.
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