Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Fourth Quarter (4Q) Update
Weatherford Reports Lackluster 4Q13 Results; Cites Operational Hurdles
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Weatherford International Ltd. today updates its projected fourth quarter 2013 earnings per share (non-GAAP) financial results. Earnings per share for the fourth quarter 2013 are estimated to be in the range of $0.05 - $0.08.
The shortfall can be primarily attributed to the following factors:
Capital discipline driven activity reductions in Latin America; Operational disruptions in the Middle East; Severe weather conditions, adversely impacting activity in North America and the North Sea; Incremental tax planning items, which increased the fourth quarter effective tax rate to approximately 50%, adding $0.03 to the fourth quarter tax expense.These items are expected to favorably impact the tax rate for the Company going forward.
2014 OutlookIn 2014, we are focused on achieving a step…
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