Weatherford Shares Sink Amid Restatement News, Q3 Results

Weatherford International

reported Q3 preliminary sales of $3.82 billion vs $3.78 billion est. The company announced an unfavorable adjustment for operating income of $24 million in Q1 and an adjustment for operating income of $55 million for Q2. Weatherford will restate its Q1 2012 results and revised the preliminary Q2 loss before taxes to $753M. On the conference call, an exec said Q4 North American results will be flat compared to Q3. International work during the quarter will be "stronger" than Q3.