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Dec 31, 2022
Weatherford Q4 2022 Earnings Report
Weatherford's Q4 2022 results showcased significant growth and profitability improvements.
Key Takeaways
Weatherford announced strong Q4 2022 results with revenues of $1,209 million, a 25% increase year-over-year, and operating income of $169 million, a 412% increase year-over-year. The company's net income was $72 million, a substantial improvement from the previous year's net loss. Adjusted EBITDA was $266 million, representing a 22.0% margin, and free cash flow was $171 million.
Revenues increased by 25% year-over-year, reaching $1,209 million.
Operating income surged by 412% year-over-year to $169 million.
Net income improved to $72 million, compared to a net loss in the previous year.
Free cash flow reached $171 million, demonstrating strong financial health.
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
Weatherford anticipates full year 2023 revenue to grow by low double digits to mid-teens year-over-year and for EBITDA margins to expand at least 100 basis points year-over-year.
Positive Outlook
- Full year 2023 revenue is expected to grow by low double digits to mid-teens year-over-year.
- EBITDA margins are projected to expand at least 100 basis points year-over-year.
- The company is shifting from a turnaround phase to a value creating engine.
- Focus remains on margins, cash flow, and positioning the company for long-term success.
- New contracts, technology advancements, and partnerships are expected to impact future performance.
Challenges Ahead
- The sector faces continued inflationary and geopolitical headwinds.
- There are still opportunities to drive additional efficiencies in structure and processes.
- The company's performance is subject to global political, economic, and market conditions.
- The company's performance is subject to the price and demand for oil and natural gas.
- The company's performance is subject to cybersecurity issues and climate change initiatives.