Weatherford beats by $0.04, misses on revs
- Reports Q1 (Mar) loss of $0.19 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of ($0.23); revenues rose 2.7% year/year to $1.42 bln vs the $1.45 bln Capital IQ Consensus. The sequential revenue decrease was due to non-repeating year-end product sales as well as seasonal declines in the North Sea and Russia. The year-over-year increase was primarily due to activity increases in the U.S., Argentina and Mexico in the Western Hemisphere and Kuwait, Iraq, Russia and Saudi Arabia in the Eastern Hemisphere, partially offset by a decrease in Venezuela as a result of a change in accounting for revenue to cash basis and depressed offshore markets in the North Sea, West Africa and Asia.
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