AP News

Weatherford 3Q revenue misses analysts' view


Weatherford International Inc.'s shares fell in extended trading Monday after the oilfield services company reported disappointing revenue for its fiscal third quarter.

Revenue increased 2 percent to $3.82 billion, short of the $3.9 billion that analysts polled by FactSet expected.

Weatherford, based in Switzerland, said revenue was hurt by a lower rig count in Canada, falling prices in the U.S. and a decline in its integrated drilling business.

The company did not report full financial results because of accounting issues that have led it to revise its results from numerous periods. Only its income before taxes was reported until it can correct the discrepancies.

Weatherford reported income before taxes, of $191 million for the period that ended Sept. 30. That compares with net income of $270 million in the same three-month period last year. It was weighed down by significant charges for severance costs, its accounting issues and other special items.

The company is expected to provide more detail on the quarter Tuesday when it hosts a conference call with analysts.

Shares of the company fell 18 cents to $10.70 in after-hours trading. They rose 13 cents to close at $10.88 in the regular session.


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