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Jun 30, 2024
Weatherford Q2 2024 Earnings Report
Weatherford's Q2 2024 results were announced, featuring revenue growth and the introduction of a shareholder return program.
Key Takeaways
Weatherford announced strong Q2 2024 results, with revenues of $1,405 million, a 10% increase year-over-year. The company also introduced its first-ever shareholder return program, including a $1 annual dividend per share and a $500 million share repurchase program.
Revenues increased 3.5% sequentially and 10% year-over-year, reaching $1,405 million.
Operating income rose by 13% sequentially and 31% year-over-year, totaling $264 million.
Net income increased by 12% sequentially and 52% year-over-year, resulting in $125 million.
The company launched a shareholder return program with a $1 annual dividend and a $500 million share repurchase program.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The second half of the year is poised to deliver mid-single digits sequential revenue growth over the first half, with total year adjusted EBITDA margins expected to be slightly north of 25%. Second half adjusted free cash flow is expected to be materially higher than the first, reaffirming our expectation of adjusted free cash flow of over $500 million for the year.
Positive Outlook
- Mid-single digits sequential revenue growth expected in the second half of the year.
- Total year adjusted EBITDA margins expected to be slightly north of 25%.
- Second half adjusted free cash flow is expected to be materially higher than the first.
- Adjusted free cash flow expected to be over $500 million for the year.
- Continued strength in international and offshore activity, spearheaded by the Middle East/North Africa/Asia region.
Challenges Ahead
- Weather events caused revenue headwinds.
- Social unrest in Colombia led to reduced activity.
- Timing shifts in activity in some regions impacted revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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