Weatherford International plc · Q2 2023 earnings

Briefing

Weatherford's Q2 2023 performance was marked by sequential revenue and operating income growth, driven by international strength and strategic execution.

Weatherford announced strong second-quarter results with revenues of $1,274 million, a 7% sequential increase. Operating income rose by 9% sequentially to $201 million, and net income increased to $82 million. The company raised its full-year 2023 adjusted EBITDA margins guidance and expects adjusted free cash flow to exceed $400 million for the year.

• Revenues increased 7% sequentially to $1,274 million, driven by international revenue growth of 12%.
• Operating income rose 9% sequentially to $201 million.
• Net income increased by $10 million sequentially to $82 million, with a net income margin of 6.4%.
• Adjusted EBITDA increased 8% sequentially to $291 million, resulting in an adjusted EBITDA margin of 22.8%.

Headline financials

Revenue & EPS history

Based on the strength of our second-quarter performance and the confidence in our strategy and execution, we are raising our full-year 2023 adjusted EBITDA margins guidance, on mid to high teens revenue growth and expect expansion of over 350 basis points year-over-year, and now expect adjusted free cash flow to exceed $400 million for the year.