Weatherford announces third quarter 2023 results and raises full-year outlook
Revenues of $1,313 million increased 3% sequentially and 17% year-over-year, driven by international revenue growth of 3% sequentially and 27% year-over-year operating income of $218 million increased 8% sequentially and 80% year-over-year net income of $123 million increased 50% sequentially and 339% year-over-year; net income margin of 9.4% adjusted ebitda* of $305 million increased 5% sequentially and 43% year-over-year; adjusted ebitda margin* of 23.2%, highest in over 14 years cash provided by operating activities of $172 million and adjusted free cash flow* of $137 million debt repayments of $147 million on 6.50% senior secured notes comprised of $72 million in the third quarter of 2023, and an additional $75 million in october 2023 announced $550 million credit facility with $300 million borrowing capacity and five-year maturity launched foresite® regenx-i, the energy industry's first regenerative variable-speed drive for rod-lift systems, harnessing untapped energy through recycling otherwise wasted power, and reducing emissions *non-gaap - refer to the section titled non-gaap financial measures defined and gaap to non-gaap financial measures reconciled houston, oct. 24, 2023 (globe newswire) -- weatherford international plc (nasdaq: wfrd) (“weatherford” or the “company”) announced today its results for the third quarter of 2023. revenues for the third quarter of 2023 were $1,313 million, an increase of 3% sequentially and 17% year-over-year.
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