Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Fourth Quarter (4Q) Update
Weatherford Set to Drop Non-Core Businesses, Cut Workforce
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Weatherford International Ltd. reported net income of$53 million ($0.07 diluted earnings per share on a non-GAAP basis), before charges, on revenues of $3.74 billion for the fourth quarter of 2013.
For the year ended December 31, 2013, Weatherford reported full-year net income, before charges, of $463 million ($0.60 diluted earnings per share on a non-GAAP basis) on revenues of $15.26 billion.
Fourth Quarter 2013 Highlights Successful remediation of the long standing material weakness in income tax accounting; Reduction in net debt by $687 million; Positive free cash flow generation of $298 million (sequential improvement of $337 million), driven primarily by a reduction in working capital; and Completion of the sale of our equity investment in Borets for $400 million and collection of…Finish this article — free account or subscription
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