WEATHERFORD REPORTS FIRST QUARTER 2013 RESULTS Freitag, 03. Mai 2013 - 06:08

WEATHERFORD REPORTS FIRST QUARTER 2013 RESULTS

Earnings per Share of $0.15

GENEVA, Switzerland, May 2, 2013 /PRNewswire/ -- Weatherford International Ltd. (NYSE / Euronext Paris / SIX: WFT) today reported first quarter 2013 revenues of $3,837 million with net income of $117 million, or $0.15 per diluted share, excluding after-tax losses of $95 million. On a GAAP basis, our net income for the first quarter of 2013 was $22 million, or $0.03 per diluted share. The excluded after-tax losses included:

$61 million of foreign exchange losses recognized upon the devaluation of the Venezuelan bolivar;
$18 million in professional fees associated with our income tax remediation efforts;
$8 million associated with legacy lump sum contracts in Iraq; and
$8 million in severance, exit and other charges.

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The Non-GAAP effective tax rate for the quarter was 28%.

First quarter revenues of $3,837 million were seven percent higher than the same period last year and down five percent sequentially. International revenues of $2,145 million were up 17 percent over the same period in 2012 and down ten percent sequentially. North America revenue of $1,692 million was up one percent sequentially, and down four percent versus the same quarter of 2012.

Segment operating income was $429 million on a GAAP basis. Adjusted for excluded items, segment operating income of $432 million was down eight percent sequentially, and down 23 percent from the same quarter of 2012. On an adjusted basis, corporate expenses were essentially flat compared to the previous quarter.

Consistent with previously published views, the company expects the second half of 2013 to show modest growth in North America revenues and operating income. Latin America will maintain a steady improvement throughout the year. The outlook for the Eastern Hemisphere remains positive with continued expansion in Europe, Sub-Sahara Africa and Russia, with continued recovery in the Middle East/North Africa and Asia Pacific Region.

The Company maintains its estimate of an annual effective tax rate for 2013 of 34%.