Swiss-based oilfield service company Weatherford International Ltd. (WFT) Monday reported a sharp decline in profit for the third quarter, hurt by a 15% decline in revenue along with higher losses on foreign currency remeasurement and the settlement of a legal dispute.
For the most recent quarter, net income attributable to Weatherford plummeted to $77.37 million or $0.11 per share from $370.6 million or $0.53 per share in the year-ago quarter. Income from continuing operations fell to $82.96 million from $382.96 million in the prior year.
On a non-GAAP basis, income from continuing operations were $92.66 million or $0.13 per share, compared to $384.33 million or $0.55 per share in the same quarter a year earlier.
On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share. Analysts' estimates typically exclude special items.
The company said quarterly results included a tax benefit of around $0.05 resulting from the lowering of estimate of its effective tax rate as well as a negative $0.02 impact from higher losses on foreign currency remeasurement and the settlement of a legal dispute.
The results also included a gain of $27 million recorded pursuant to Statement of Financial Accounting Standards No. 141, Business Combinations, in connection with the revaluation of contingent consideration associated with an acquisition.
Sequentially, Weatherford International's third quarter income from continuing operations, excluding severance and investigation costs, were $0.03 per share higher than $0.10 earned in the second quarter of 2009.
Net revenues declined to $2.15 billion from $2.54 billion in the prior year quarter. Thirteen analysts estimated revenues of $2.15 billion.
Revenue from North America dipped 47% to $620.5 million from $1.18 billion in the previous year. Sequentially, revenues were up 9%. Middle East/North Africa/Asia generated revenues of $600.11 million, 6% lower than $637.87 million last year. Revenue from Europe/West Africa/FSU dropped to $404.39 million from $408.99 million in the former year. Meanwhile, revenue from Latin America surged 67% to $524.88 million from $314.33 million in the preceding year.
For the first nine months, net income attributable to Weatherford was $284.16 million or $0.40 per share, versus $1.01 billion or $1.44 per share last year. Income from continuing operations for the period plunged to $307.18 million or $0.40 per share from $1.04 billion or $1.44 per share in the prior year. Non-GAAP income from continuing operations plummeted year-over-year to $348.49 million or $0.49 per share from $1.04 billion or $1.48 per share.
Nine-month revenues were down to $6.4 billion from $6.97 billion in earlier year.
WFT closed Friday's regular trade at $20.58, up $0.11, on a volume of 25.24 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.