Global energy services company, Weatherford International Plc. (WFRD:NASDAQ), today announced selective preliminary financial data for the third quarter of 2021 ended September 30, 2021. The firm advised that it will announce complete financial results for Q3/21 on November 2, 2021.
Weatherford International stated that during Q3/21, consolidated revenues are expected to rise by 4-5%, compared to consolidated revenues in Q2/21.
The firm additionally advised that it expects that adjusted EBITDA in Q3/21 will be at least 25% higher than achieved Q2/21 and forecasts that adjusted EBITDA margins will increase by at least 350 basis points quarter-over-quarter.
The company indicated further that operating income during Q3/21 is expected to grow by at least 50% and noted that it expects that cash flow from operations and free cash flow will be at least 75% higher in Q3/21, versus Q2/21.
Weatherford International's President and CEO Girish Saligram remarked, "Our focus on driving our key imperatives continues to deliver demonstrable proof of the ongoing operational turnaround at Weatherford. We expect to outperform relative to the expectations we laid out in July for Q3/21, driven by our ability to capture activity increases at greater fall through margins."
"We recognize that we still have work to do to ensure our goal of sustainable profitability and positive free cash flow generation across cycles and at baseload activity levels. We are committed to institutionalizing the current improvements in our core operating processes to ensure balanced performance going forward. We will provide further details on our Q3/21 results, as well as the expected impact on Q4/21 and FY/21 guidance, as part of our scheduled earnings release on November 2nd," CEO Saligram added.
The company mentioned that the estimates provided in the news release are preliminary and that at this time it is not able to provide data for Q3/21 net income (loss) as it is still collecting and calculating the results for various income statement line items such as income taxes.
The company advised that it plans to announce complete Q3/21 financial results during a web conference beginning at 9:00 a.m. EDT (8:00 a.m. CDT) on Tuesday, November 2, 2021. Those interested in joining the webcast can find the access instructions at the investor relations section of Weatherford's website.
Weatherford is a leading multinational oilfield service company that operates in over 75 countries and employs greater than 17,000 people in 365 locations. The firm provides equipment and services to the oil and natural gas industry on land and offshore.
Weatherford started the day with a market cap of around $1.4 billion with approximately 70.1 million shares outstanding and a short interest of about 0.5%. WFRD shares opened almost 7% higher today at $21.80 (+$1.42, +6.97%) over yesterday's $20.38 closing price and reached a new 52-week high price this morning of $24.69. The stock traded today between $21.80 and $24.69 per share and closed at $23.58 (+$3.20, +15.70%).
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