Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Third Quarter (3Q) Update
Weatherford Losses Up Substantially YOY; $1.78B
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Weatherford reported GAAP net loss of $1.78 billion, or a net loss of $1.98 per share, and non-GAAP adjusted net loss before charges and credits of $349 million ($0.39 adjusted net loss per share) on revenues of $1.36 billion for the third quarter of 2016.
Third Quarter 2016 Highlights Total revenue declined 3% sequentially and excluding revenue from the now concluded Zubair project, revenue increased sequentially by 1%, after seven consecutive quarterly declines; North America revenue increased 12% sequentially; Both International and North America sequential operating income and operating income margin showed improvement; Completed 100% of the planned 8,000 reduction in force with realized annualized savings of $504 million; Ceased operations in three manufacturing and service…- ✓ Full news archive — U.S., Canada & international coverage
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