Weatherford beats by $0.03, misses on revs
- Reports Q3 (Sep) loss of $0.22 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of ($0.25); revenues rose 7.1% year/year to $1.46 bln vs the $1.49 bln Capital IQ Consensus.
- 'Our highest priority is free cash flow generation. To that end, we have initiated a substantial transformation program targeting improvements in our operating results of approximately $1 billion. We are driving this plan on a timeline to achieve these savings over the next 18-24 months. Specific actions to achieve $300 million in cost savings are already underway',
- Target of break-even free cash flow excluding restructuring and legal settlements in the fourth quarter.
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