Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Weatherford Rises After Earnings Exceed Analysts’ Estimates

Weatherford International Ltd. rose the most in more than two years after second-quarter profit exceeded analysts’ estimates and it forecast higher sales growth for the year.

Weatherford climbed $2.04, or 10 percent, to $22.49 at 4 p.m. in New York Stock Exchange composite trading. It was the biggest gain since April 21, 2009. Before today, shares in the Geneva-based oilfield-services provider had dropped 10 percent this year.

The company reported net income of $110.1 million, or 15 cents a share, from $59.2 million, or 8 cents, according to a statement today. Excluding costs associated with severance payments and a government investigation, per-share profit was 2 cents more than the average of 32 analysts’ estimates compiled by Bloomberg.

“The company has underperformed for so long,” said Joe Hill, a Houston-based analyst for Tudor Pickering Holt & Co. LLC who rates the company at “accumulate” and owns 9,000 shares. “You finally got some good news on earnings performance that you had this pent-up demand. You’ve probably got some short covering going on today as well.”

Revenue rose 25 percent to $3.05 billion, a record for the company, according to the statement. Weatherford’s 2011 revenue is expected to increase 25 percent from last year, up from the previous estimate of a 20 percent rise.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.