- Shares of Weatherford ( NASDAQ: WFRD ) rose as much as 14% on Wednesday after the company reported better-than-expected revenue, and adj. profit vs. a year-ago loss.
- WFRD on Tuesday after the bell posted Q4 Non-GAAP net income of $106M, or $1.12 per share vs. a loss of $20M, or a 63 cents loss per share last year. Revenue of $1.21B was +25.4% Y/Y, and was ahead of consensus by at least $50M.
- Commenting on the markets, CEO Girishchandra Saligram said during a call with analysts that the last several quarters have seen a high rate of growth for drilling and completions activity in North America, and expects that trajectory to start flattening. Growth is expected but at a lower rate in 2023.
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"On the supply side, we are now beginning to see signs of recovery, as logistical constraints are slowly correcting and raw materials are becoming available," Saligram added.
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The company said it is seeing signs of market activity picking up on the offshore side.
- Other Q4 metrics: Adjusted EBITDA was $266 million, an increase of 24% sequentially and 73% year-over-year, Adjusted EBITDA margin of 22.0%, Free cash flow was $171 million, up $122 million year-over-year.
- WRFD stock rose nearly 84% in 2022, while the benchmark S&P 500 index fell 20% for the year. Stock is up 18% so far this year as of last close.
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Weatherford stock surges 14% after touting strong Q4 results