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Sep 30, 2022
Weatherford Q3 2022 Earnings Report
Weatherford's Q3 2022 performance was marked by sequential revenue growth and strong free cash flow generation.
Key Takeaways
Weatherford International plc announced strong Q3 2022 results, with revenues of $1,120 million, a 5% sequential increase. The company reported a net income of $28 million and operating income of $121 million. Adjusted EBITDA was $214 million, representing a 19.1% margin. Free cash flow was $133 million, driven by higher adjusted EBITDA margins and working capital efficiency.
Revenues increased 5% sequentially to $1,120 million, driven by higher Drilling and Evaluation activity.
Net income reached $28 million, with operating income at $121 million.
Adjusted EBITDA was $214 million, with a 19.1% margin, a 160 basis point sequential improvement.
Free cash flow was $133 million, boosted by higher adjusted EBITDA margins and efficient working capital management.
Weatherford
Weatherford
Weatherford Revenue by Segment
Weatherford Revenue by Geographic Location
Revenue by Segment
DRE Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comLatin America Revenue
CapyFin.comME/NA/Asia Revenue
CapyFin.comEurope/SSA/Russia Revenue
CapyFin.com Forward Guidance
The company expects full-year 2022 revenue to grow by high-teens year-over-year and for EBITDA margins to expand by over 200 basis points year-over-year.
Positive Outlook
- Solid execution
- Increased market activity
- Dedicated customer focus
- Strong fundamentals in the macro-environment
- Recently announced contract awards for Aramco and PDO
Challenges Ahead
- Inflationary headwinds
- Geopolitical headwinds
- Potential extended business interruptions due to the Russia-Ukraine conflict
- Sanctions imposed by various countries
- Associated operational and logistical challenges