HOUSTON, Oct. 12, 2021 /PRNewswire/ -- Weatherford
International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") provides a
preliminary financial performance update for the fiscal quarter
ended September 30, 2021 and
announces it will host a conference call on Tuesday, November 2, 2021 to discuss the
Company's results for the third quarter 2021.
PRELIMINARY FINANCIAL PERFORMANCE UPDATE FOR Q3'21 RELATIVE
TO Q2'21
- Consolidated revenues expected to increase by 4% to 5%
- Adjusted EBITDA expected to be higher by at least 25% and
Adjusted EBITDA margins expected to increase by at least 350 basis
points
- Operating income expected to increase by at least 50%
- Cash flow from operations and free cash flow expected to be at
least 75% higher
Girish Saligram, President and
Chief Executive Officer, commented, "Our focus on driving our key
imperatives continues to deliver demonstrable proof of the ongoing
operational turnaround at Weatherford. We expect to outperform relative
to the expectations we laid out in July for Q3, driven by our
ability to capture activity increases at greater fall through
margins. We recognize that we still have work to do to ensure our
goal of sustainable profitability and positive free cash flow
generation across cycles and at baseload activity levels. We are
committed to institutionalizing the current improvements in our
core operating processes to ensure balanced performance going
forward. We will provide further details on our Q3 results,
as well as the expected impact on Q4 and full-year guidance, as
part of our scheduled earnings release on November 2nd."
Non-GAAP Measures
Weatherford reports its
financial results in accordance with U.S. generally accepted
accounting principles (GAAP). However, the Company's management
believes that certain non-GAAP financial measures and ratios may
provide users of this financial information additional meaningful
comparisons between current results and results of prior periods
and comparisons with peer companies. The non-GAAP amounts provided
should not be considered as substitutes for operating income, net
income or other data prepared and reported in accordance with GAAP,
but should be viewed in addition to the Company's reported results
prepared in accordance with GAAP.
The percentages reported above are preliminary. The Company is
currently unable to determine its net income (loss) for the third
quarter 2021 without unreasonable effort because it is still
calculating certain income statement line items such as income
taxes. Additional information about the Company's Non-GAAP
Measures including reconciliations to GAAP measures are available
in the Company's most recently filed Earnings Release on Form 8-K
for the period ended June 30,
2021.
THIRD QUARTER 2021 CONFERENCE CALL
The conference call will begin on Tuesday, November 2, 2021 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time). Prior to the conference
call, the Company will issue a press release announcing the results
and the associated presentation slides will be uploaded to the
investor relations section of the Weatherford website.
Listeners can participate in the conference call via a live
webcast. Alternatively, the conference call can be accessed by
registering in advance (which will provide a PIN for immediate
access) or by dialing +1 877-328-5344 (within the U.S.) or +1
412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants
should log in or dial in approximately 10 minutes prior to the
start of the call.
A telephonic replay of the conference call will be available
until November 16, 2021, at
5:00 p.m. Eastern Time. To access the
replay, please dial +1 877-344-7529 (within the U.S.) or +1
412-317-0088 (outside of the U.S.) and reference conference number
10160194.
Forward-Looking Statements
This news release contains forward-looking statements
concerning, among other things, the Company's expectations
regarding quarterly revenues, operating income and losses, adjusted
EBITDA, free cash flow, and are also generally identified by the
words "believe," "project," "expect," "anticipate," "estimate,"
"outlook," "budget," "intend," "strategy," "plan," "guidance,"
"may," "should," "could," "will," "would," "will be," "will
continue," "will likely result," and similar expressions, although
not all forward-looking statements contain these identifying words.
Such statements are based upon the current beliefs of Weatherford's management and are subject to
significant risks, assumptions, and uncertainties. Should one or
more of these risks or uncertainties materialize, or underlying
assumptions prove incorrect, actual results may vary materially
from those indicated in our forward-looking statements. Readers are
cautioned that forward looking statements are only predictions and
may differ materially from actual future events or results,
including the price and price volatility of oil and natural gas;
the extent or duration of business interruptions, demand for oil
and gas and fluctuations in commodity prices associated with
COVID-19 pandemic; general global economic repercussions related to
COVID-19 pandemic; the macroeconomic outlook for the oil and gas
industry; and operational challenges relating to the COVID-19
pandemic and efforts to mitigate the spread of the COVID-19 virus
and COVID-19 variants, including logistical challenges, protecting
the health and well-being of our employees, remote work
arrangements, performance of contracts and supply chain
disruptions; our ability to generate cash flow from operations to
fund our operations; and the realization of additional cost savings
and operational efficiencies. Forward-looking statements are also
affected by the risk factors described in the Company's Annual
Report on Form 10-K for the year ended December 31, 2020, and those set forth from
time-to-time in the Company's other filings with the Securities and
Exchange Commission. We undertake no obligation to correct or
update any forward-looking statement, whether as a result of new
information, future events, or otherwise, except to the extent
required under federal securities laws.
About Weatherford
Weatherford is a leading global
energy services company. Operating in more than 75 countries, the
Company answers the challenges of the energy industry with its
global talent network of approximately 17,000 team members and
approximately 365 operating locations, including manufacturing,
research and development, service, and training facilities. Visit
weatherford.com for more information or connect on LinkedIn,
Facebook, Twitter, Instagram, or YouTube.
Contact:
Mohammed
Topiwala
Weatherford Investor Relations
+1 713-836-7777
investor.relations@weatherford.com
For Media:
Kelley
Hughes
Weatherford Global Communications
+1 713-836-4193
kelley.hughes@weatherford.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/weatherford-provides-preliminary-third-quarter-2021-performance-update-and-announces-third-quarter-2021-conference-call-301397835.html
SOURCE Weatherford International plc