Weatherford Reports Quarterly Sales Missing Estimates
Weatherford International Ltd. (WFT), the world’s fourth-largest oilfield-services provider, reported quarterly sales that missed analysts’ estimates.
Third-quarter revenue of $3.82 billion was less than the $3.9 billion average of 24 estimates compiled by Bloomberg. The Geneva-based company reported pretax net income of $191 million, a decline from the restated profit of $270 million a year earlier, according to a statement today.
The company reports results on a pretax basis after finding “material weakness” in its accounting of income taxes.
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