We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Weatherford (WFT) Q3 Loss Widens, Revenues Decline Y/Y
Read MoreHide Full Article
Leading oilfield services company Weatherford International Ltd.’s reported third-quarter 2016 adjusted loss of 39 cents per share, much wider than the year-earlier adjusted loss of 5 cents per share.
Total revenue of $1,356 million also decreased significantly from $2,237 million in the year-ago period.
Operational Performance
North American revenues for the third quarter were $449 million, down 45.5% year over year. Operating loss for the quarter was $95 million, wider than an operating loss of $54 million in the year-ago quarter.
Middle East/North Africa/Asia recorded revenues of $329 million, down 26.1% year over year. The company incurred an operating loss of $8 million in the reported quarter that compared unfavorably with an operating income of $42 million in the year-ago quarter.
Europe/West Africa/FSU witnessed a 37.7% year-over-year decline in revenues to $225 million. The company recorded an operating loss of $3 million that compared unfavorably with an operating income of $43 million in the year-ago quarter.
Latin American revenues came in at $255 million, down 39.4% year over year. Third-quarter operating income of $14 million was down 80.8% year over year.
As of Sep 30, 2016, Weatherford had $440 million in cash and cash equivalents. The company’s long-term debt was $6,937 million. Weatherford spent approximately $62 million in capital expenditures during the reported quarter.
Zacks Rank
Currently, Weatherford carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy sector are Enviva Partners, LP (EVA - Free Report) , W&T Offshore Inc (WTI - Free Report) and Boardwalk Pipeline Partners, LP . Each of these stocks sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Enviva Partners has a mixed earnings surprise history. The partnership posted positive earnings surprises in two of the last four quarters. It reported a positive earnings surprise of 20.51% in the preceding quarter.
W&T Offshore posted a positive earnings surprise of 29.85% in the preceding quarter. It reported a positive earnings surprise in all of the four preceding quarters.
In the last reported quarter, Boardwalk Pipeline Partners delivered a positive earnings surprise of 44.44%. Coming to the earnings surprise history, the partnership beat estimates in all of the last four quarters.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Weatherford (WFT) Q3 Loss Widens, Revenues Decline Y/Y
Leading oilfield services company Weatherford International Ltd.’s reported third-quarter 2016 adjusted loss of 39 cents per share, much wider than the year-earlier adjusted loss of 5 cents per share.
Total revenue of $1,356 million also decreased significantly from $2,237 million in the year-ago period.
Operational Performance
North American revenues for the third quarter were $449 million, down 45.5% year over year. Operating loss for the quarter was $95 million, wider than an operating loss of $54 million in the year-ago quarter.
Middle East/North Africa/Asia recorded revenues of $329 million, down 26.1% year over year. The company incurred an operating loss of $8 million in the reported quarter that compared unfavorably with an operating income of $42 million in the year-ago quarter.
Europe/West Africa/FSU witnessed a 37.7% year-over-year decline in revenues to $225 million. The company recorded an operating loss of $3 million that compared unfavorably with an operating income of $43 million in the year-ago quarter.
Latin American revenues came in at $255 million, down 39.4% year over year. Third-quarter operating income of $14 million was down 80.8% year over year.
WEATHERFORD INT Price, Consensus and EPS Surprise
WEATHERFORD INT Price, Consensus and EPS Surprise | WEATHERFORD INT Quote
Liquidity
As of Sep 30, 2016, Weatherford had $440 million in cash and cash equivalents. The company’s long-term debt was $6,937 million. Weatherford spent approximately $62 million in capital expenditures during the reported quarter.
Zacks Rank
Currently, Weatherford carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy sector are Enviva Partners, LP (EVA - Free Report) , W&T Offshore Inc (WTI - Free Report) and Boardwalk Pipeline Partners, LP . Each of these stocks sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Enviva Partners has a mixed earnings surprise history. The partnership posted positive earnings surprises in two of the last four quarters. It reported a positive earnings surprise of 20.51% in the preceding quarter.
W&T Offshore posted a positive earnings surprise of 29.85% in the preceding quarter. It reported a positive earnings surprise in all of the four preceding quarters.
In the last reported quarter, Boardwalk Pipeline Partners delivered a positive earnings surprise of 44.44%. Coming to the earnings surprise history, the partnership beat estimates in all of the last four quarters.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>