Service & Supply | Quarterly / Earnings Reports | Oilfield Services | First Quarter (1Q) Update
Weatherford Cuts Workforce, Costs, Non-Core Assets in 1Q
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Weatherford International Ltd. reported net income before charges of $99 million, ($0.13 diluted earnings per share on a non-GAAP basis) on revenues of $3.60 billion for the first quarter of 2014.
First Quarter 2014 Highlights Operating income margins improved 115 basis points sequentially with international margins improving 278 basis points over the fourth quarter; Executed our plan to reduce the cost base of our core business. To date, we have identified over 6,600 positions for elimination, and during the first quarter we completed approximately 56% of our planned reduction in workforce with an estimated pre-tax annualized savings of $263 million for the positions already eliminated; Started the process of closing 20 underperforming operating locations in various countries, and…Finish this article — free account or subscription
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