Weatherford International Ltd. (WFT) reported a first quarter net income dropped to $22 million, or $0.03 per share from $122 million, or $0.16 per share in the same quarter last year.
On an adjusted basis, the comapny posted a profit of $117 million, or $0.15 per share for the current quarter and adjusted for after-tax losses of $95 million.
Meanwhile, net revenues for the quarter to $3.83 billion from $3.59 billion in the prior year quarter.
32 analysts, on average, polled by Thomson Reuters expected the company to report earnings of $0.15 per share on revenues of $3.90 billion for the quarter. Analysts' estimates typically exclude special items.
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