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Dec 31, 2023
Weatherford Q4 2023 Earnings Report
Announced fourth quarter and full year 2023 results, demonstrating revenue growth and strategic acquisitions.
Key Takeaways
Weatherford reported a strong fourth quarter and full year 2023, with revenue increasing by 13% year-over-year for the quarter and 19% for the full year. The company's operating income and net income also saw significant increases, and the adjusted EBITDA margin reached its highest level in over 15 years. Strategic acquisitions and contract wins position Weatherford for continued growth in 2024.
Fourth quarter revenue increased 13% year-over-year to $1,362 million.
Fourth quarter operating income increased 28% year-over-year to $216 million.
Fourth quarter net income increased 94% year-over-year to $140 million.
Adjusted free cash flow for the quarter was $315 million, driven by heightened collections.
Weatherford
Weatherford
Weatherford Revenue by Segment
Weatherford Revenue by Geographic Location
Revenue by Segment
DRE Revenue
CapyFin.comWCC Revenue
CapyFin.comPRI Revenue
CapyFin.comAll Other Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comLatin America Revenue
CapyFin.comME/NA/Asia Revenue
CapyFin.comEurope/SSA/Russia Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Weatherford anticipates double-digit to low-teens revenue growth in 2024, driven by strong performance in the Middle East, and expects adjusted EBITDA margins to move towards 25%.
Positive Outlook
- Market fundamentals remain positive.
- International and offshore activity continues to show resilience.
- Robust growth is expected in the Middle East.
- Adjusted EBITDA margins are expected to make meaningful progress towards the goal of 25%.
- Strategic acquisitions are expected to contribute to growth.
Challenges Ahead
- Global political disturbances.
- Cybersecurity issues.
- Price and price volatility of oil and natural gas.
- Macroeconomic outlook for the oil and gas industry.
- Potential for a resurgence of a pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income