Oilfield services provider Weatherford International Ltd. (WFT) on Monday reported a profit for the first quarter that more than tripled from last year on strong revenue growth at its North American segment.
However, revenues came in slightly below analysts' expectations and the company forecast second-quarter earnings below estimates, sending its shares down more than 1 percent in extended trade.
North America revenues for the quarter increased 29 percent from the year-ago period. International revenues rose 23 percent from last year. The Geneva, Switzerland-based company's segment operating income grew 57 percent and segment operating margin increased 3 percent from last year.
The increase in segment operating margin was due to improved operating performance, and partly due to less severe weather conditions in the company's Middle East/North Africa/Asia region as well as a charge taken in the prior-year period for a Colombia net equity tax.
Weatherford's first-quarter net income was $123 million or $0.16 per share, up from $37 million or $0.05 per share in the year-ago period.
Excluding an after-tax loss of $67 million, adjusted net income rose to $190 million or $0.25 per share from $50 million or $0.07 per share in the same period last year.
On average, 31 analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter grew 26 percent to $3.60 billion from $2.86 billion in the prior year quarter. Analysts had a consensus revenue estimate of $3.64 billion.
Looking ahead to the second quarter, Weatherford expects earnings per share, before excluded items, in a range of approximately $0.24 to $0.26. Analysts expect the company to report earnings of $0.27 per share for the quarter.
WFT closed Monday's trading at $13.69, down $0.09 or 0.65 percent on a volume of 9.27 million shares. In after-hours, the stock further declined $0.21 or 1.53 percent to $13.48.
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