Q3 2024 Weatherford International PLC Earnings Call Transcript
Key Points
- Weatherford International PLC (WFRD) delivered strong margin and cash performance despite challenges in North America and delays in Latin America.
- The company achieved a 200 basis points margin expansion over the same period last year, with adjusted EBITDA margins at 25.2%.
- Weatherford International PLC (WFRD) reported 14 consecutive quarters of year-over-year international revenue growth, driven by the Middle East, North Africa, and Asia regions.
- The company paid its first-ever quarterly dividend and repurchased approximately $50 million of shares during the third quarter.
- Weatherford International PLC (WFRD) continues to pursue inorganic growth opportunities, with successful integration of recent acquisitions like Datagration.
- Third-quarter revenue was flat sequentially and came in at the lower end of expectations due to delays in Latin America and scheduling shifts in the Middle East and North Africa.
- The broader international market growth has decelerated, with a more measured approach from E&P operators.
- Weatherford International PLC (WFRD) faces challenges in North America, with a gradual softening in activity, particularly in short-cycle oil projects and onshore programs.
- The company anticipates a flat to low single-digit revenue growth in the fourth quarter, reflecting market uncertainties.
- Latin America remains a wildcard for future growth, with potential challenges in countries like Argentina and Mexico.
Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford International third-quarter 2024 earnings call.
(Operator Instructions)
As a reminder, this event is being recorded.
I would now like to turn the conference over to Luke Lemoine, Senior Vice President, Corporate Development.
Sir, you may begin.
Welcome everyone to the Weatherford International third-quarter 2024 earnings conference call.
I'm joined today by Girish Saligram, President and CEO; and Arun Mitra, Executive Vice President and CFO.
We'll start today with our prepared remarks and then open 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
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