Weatherford Shares Sink Amid Restatement News, Q3 Results
Weatherford International (NYSE: WFT) 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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.