Q2 2024 Weatherford International PLC Earnings Call Transcript
Key Points
- Weatherford International PLC (WFRD) achieved a 26% adjusted EBITDA margin, the highest in over 15 years.
- The company reported a 10% year-over-year revenue growth, driven by strong performance across all segments.
- Weatherford International PLC (WFRD) announced its first-ever shareholder return program, including an annual dividend of $1 per share and a $500 million share buyback authorization.
- The company has significantly improved its balance sheet, repaying over $1 billion of debt and reducing interest costs by over $100 million.
- International business demonstrated continued strength, with 14% year-over-year growth, particularly in the Middle East, North Africa, and Asia regions.
- Revenue came in at the lower end of expectations due to social unrest in Colombia, activity shifts in Mexico, and operational disruptions from a storm in Houston.
- North America revenue was down 6% sequentially, impacted by Canadian seasonality and negative weather impacts.
- Despite strong performance, the company faced challenges with project delays in Latin America and seasonality in Canada.
- The company anticipates potential timing shifts between Q3 and Q4, which could affect revenue recognition.
- Weatherford International PLC (WFRD) remains focused on addressing overall gross debt levels, aiming to get gross leverage below 1x while maintaining liquidity of approximately $1 billion.
Good day, and welcome to the Weatherford second-quarter 2024 results conference call. All participants will be in a listen-only mode. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Mohammed Topiwala, Vice President, Investor Relations and M&A. Please go ahead, sir.
Welcome, everyone, to the Weatherford International second-quarter 2024 earnings conference call. I'm joined today by Girish Saligram, President and CEO; and Arun Mitra, Executive Vice President and CFO. We will start today with our prepared remarks and then open it up for questions. You may download a copy of the presentation slides corresponding to today's call from our website's Investor Relations section.
I want to remind everyone that some of today's comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any
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