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Weatherford (WFRD) to Report Q1 Earnings: What to Expect?
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Weatherford International plc (WFRD - Free Report) is set to report first-quarter 2023 results on Apr 26, before the opening bell.
In the last reported quarter, the oilfield service provider’s earnings of $1.12 per share beat the Zacks Consensus Estimate of 84 cents.
In the trailing two quarters, Weatherford beat the Zacks Consensus Estimate for earnings once and missed the same once, delivering a negative earnings surprise of 2.6%, on average. This is depicted in the graph below:
Weatherford International PLC Price and EPS Surprise
Let’s delve into the factors that are anticipated to have influenced the company’s performance in the March-end quarter.
Estimate Trend
The Zacks Consensus Estimate for WFRD’s first-quarter earnings per share of 91 cents has witnessed no movement in the past 30 days. The consensus estimate suggests an increase from the year-ago quarter’s reported loss of 59 cents.
The Zacks Consensus Estimate for first-quarter revenues of $1.1 billion indicates a 20.7% increase from the year-ago reported figure.
Factors to Consider
Higher oil price was favorable for exploration and production activities in the March-end quarter. Although crude prices were high, the same retreated from their peaks in the year-ago quarter. Hence, oilfield service demand is likely to have declined. This is likely to have affected Weatherford’s oilfield service business as it provides equipment and services to drill, evaluate, complete, produce and intervene oil and gas wells.
Many companies have been forced to pay higher prices for equipment and labor, as they started experiencing inflation in the costs of certain oilfield services, which affected their profitability. The upward cost trajectory is likely to have continued in the first quarter due to the current inflationary environment. Rising costs are expected to have affected Weatherford’s performance in the to-be-reported quarter.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Weatherford this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. As you can see, that is not the case here.
Earnings ESP: Weatherford has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate both are currently pegged at earnings of 91 cents per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Weatherford currently carries a Zacks Rank #3.
Stocks That Warrant a Look
Here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Enterprise Products is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for the company’s earnings is pegged at 60 cents per share, suggesting no change from the prior-year reported figure.
TechnipFMC plc (FTI - Free Report) has an Earnings ESP of +3.71% and a Zacks Rank #3 at present.
TechnipFMC is scheduled to release first-quarter earnings on Apr 27. The Zacks Consensus Estimate for its earnings is pegged at 4 cents per share, suggesting an increase from the prior-year reported figure.
Sunoco LP (SUN - Free Report) has an Earnings ESP of +3.95% and is currently a Zacks #1 Ranked player.
Sunoco is scheduled to release first-quarter results on May 2. The Zacks Consensus Estimate for SUN’s earnings is pegged at $1.18 per share, suggesting a decline from the prior-year reported figure.
Image: Bigstock
Weatherford (WFRD) to Report Q1 Earnings: What to Expect?
Weatherford International plc (WFRD - Free Report) is set to report first-quarter 2023 results on Apr 26, before the opening bell.
In the last reported quarter, the oilfield service provider’s earnings of $1.12 per share beat the Zacks Consensus Estimate of 84 cents.
In the trailing two quarters, Weatherford beat the Zacks Consensus Estimate for earnings once and missed the same once, delivering a negative earnings surprise of 2.6%, on average. This is depicted in the graph below:
Weatherford International PLC Price and EPS Surprise
Weatherford International PLC price-eps-surprise | Weatherford International PLC Quote
Let’s delve into the factors that are anticipated to have influenced the company’s performance in the March-end quarter.
Estimate Trend
The Zacks Consensus Estimate for WFRD’s first-quarter earnings per share of 91 cents has witnessed no movement in the past 30 days. The consensus estimate suggests an increase from the year-ago quarter’s reported loss of 59 cents.
The Zacks Consensus Estimate for first-quarter revenues of $1.1 billion indicates a 20.7% increase from the year-ago reported figure.
Factors to Consider
Higher oil price was favorable for exploration and production activities in the March-end quarter. Although crude prices were high, the same retreated from their peaks in the year-ago quarter. Hence, oilfield service demand is likely to have declined. This is likely to have affected Weatherford’s oilfield service business as it provides equipment and services to drill, evaluate, complete, produce and intervene oil and gas wells.
Many companies have been forced to pay higher prices for equipment and labor, as they started experiencing inflation in the costs of certain oilfield services, which affected their profitability. The upward cost trajectory is likely to have continued in the first quarter due to the current inflationary environment. Rising costs are expected to have affected Weatherford’s performance in the to-be-reported quarter.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Weatherford this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. As you can see, that is not the case here.
Earnings ESP: Weatherford has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate both are currently pegged at earnings of 91 cents per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Weatherford currently carries a Zacks Rank #3.
Stocks That Warrant a Look
Here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Enterprise Products Partners L.P. (EPD - Free Report) currently has an Earnings ESP of +3.05% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Enterprise Products is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for the company’s earnings is pegged at 60 cents per share, suggesting no change from the prior-year reported figure.
TechnipFMC plc (FTI - Free Report) has an Earnings ESP of +3.71% and a Zacks Rank #3 at present.
TechnipFMC is scheduled to release first-quarter earnings on Apr 27. The Zacks Consensus Estimate for its earnings is pegged at 4 cents per share, suggesting an increase from the prior-year reported figure.
Sunoco LP (SUN - Free Report) has an Earnings ESP of +3.95% and is currently a Zacks #1 Ranked player.
Sunoco is scheduled to release first-quarter results on May 2. The Zacks Consensus Estimate for SUN’s earnings is pegged at $1.18 per share, suggesting a decline from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.