Weatherford Q3: Net Income Up 208% Sequentially, Full-Year Free Cash Flow Guidance Raised Again
WFRD sits 26% above its 52-week low of $62.84.
Summary
Weatherford posted Q3 revenue of $1,143M, with adjusted EBITDA margin up 204 basis points to 22.2% and $155M of adjusted free cash flow, and raised full-year free cash flow guidance again. It also confirmed the $236M note redemption and a $0.275 quarterly dividend.
Key Events · Earnings and Guidance · WFRD
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Q3 Results Beat Prior Quarter
Revenue of $1,143M rose 3% sequentially but fell 7% year-over-year; net income of $120M ($1.66 diluted EPS) was up 208% sequentially.
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Margin Expansion Drives EBITDA
Adjusted EBITDA of $254M at a 22.2% margin, up 204 basis points sequentially, despite Middle East operational disruption.
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Free Cash Flow Guidance Raised Again
Q3 adjusted free cash flow of $155M (+57% YoY) and $192M of operating cash flow; management raised full-year adjusted FCF guidance and still expects a meaningful Q4 EBITDA ramp.
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Debt Paydown and Dividend
The $236M of 8.625% 2030 notes will be redeemed October 30 at par from cash on hand, cutting about $20M of annual interest; a $0.275/share dividend is payable December 3 to holders of record November 6.
Analysis · WFRD · Energy & Transportation
Even with Middle East disruption, Weatherford's Q3 shows the margin story working: adjusted EBITDA margin expanded 204 basis points sequentially to 22.2% on $254M, and adjusted free cash flow of $155M was up 57% year-over-year. Net income of $120M ($1.66 per diluted share) more than tripled from the prior quarter, helped by a low $4M tax provision. Management raised full-year adjusted free cash flow guidance again and still expects a meaningful Q4 EBITDA ramp, though it conceded Middle East events have dampened hopes of a quick recovery. The $236M note redemption at par on October 30, funded from $1.16B of cash, removes roughly $20M of annual interest and leaves net leverage at 0.28x. The main swing factor is the Middle East/North Africa/Asia region, where revenue fell 16% year-over-year.
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At the time of this filing, WFRD was trading at $79.34 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $5.8B. The 52-week trading range was $62.84 to $113.15. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.