Weatherford: Q3 Results – Revenues Up 8% Excluding Business Unit Sales

Revenues, excluding divestitures, grew 8% sequentially EPS of $0.32 (non-GAAP) improved 33% sequentially Incremental operating income of 48% on sequential revenue growth Reduction in Net Debt of $717 million BAAR,

Weatherford International plc reported net income before charges of $248 million ($0.32 diluted earnings per share on a non-GAAP basis) on revenues of $3.88 billion for the third quarter of 2014.

Third Quarter 2014 Highlights

Completed the sale of the Russian and Venezuelan land rig operations;
Completed the sale of the Pipeline and Specialty Services business;
Reduced net debt by $717 million using proceeds from the successful divestiture of non-core businesses;
Improved operating income margins by 145 basis points sequentially to 15.4% led by a 183 basis point gain in the international operations; North America improved by 92 basis points;
Increased North America revenues by 9% sequentially and 14% year-over-year; and
Completed the planned cost reductions in our core businesses.
Third Quarter 2014 Results

Revenue for the third quarter of 2014 improved 4% sequentially and was $3.88 billion compared with $3.71 billion in the second quarter of 2014 and $3.82 billion in the third quarter of 2013. Excluding the impact of our divested businesses, third quarter revenues improved 8% sequentially. GAAP Net Income for the third quarter