Weatherford beats by $0.01, misses on revs (5.18 -0.03)
- Reports Q4 (Dec) loss of $0.32 per share, excluding items, $0.01 better than the Capital IQ Consensus of ($0.33); revenues fell 30.1% year/year to $1.41 bln vs the $1.43 bln Capital IQ Consensus.
- Free cash flow generated from operations (non-GAAP) was $171 mln and op margins improved by 273 basis points sequentially, with 68% incrementals.
- The North Sea and Russia experienced a seasonal slowdown. Sub-Sahara Africa activity declined in Angola and Nigeria while Asia-Pacific benefited from product sales in Australia and Malaysia. The Middle East/North Africa region was positively impacted by higher product sales as well as the start-up of activities on several of the service contracts won over the last six months. "We expect to start-up on the remaining service contracts in early 2017."