The company reported a profit of $120 million for the third quarter, or $1.66 per share, comfortably surpassing the $1.33 anticipated by Wall Street analysts. Revenue reached $1.14 billion, edging out consensus estimates. Chief Executive Girish Saligram noted that while Middle Eastern geopolitical tensions have hindered some regional activity, the firm’s core operations remain resilient.
In section Market Quotes
Weatherford Stock Climbs on Venezuela Revenue Outlook
Weatherford International shares jumped 7% to $84.69 on Wednesday after the energy services provider projected triple-digit revenue growth from its Venezuelan operations by 2027. This optimistic forecast, paired with a quarterly earnings beat, signals a sharp recovery for the firm within the complex South American energy market.
Looking ahead, Weatherford expects tangible contributions from Venezuela as soon as the fourth quarter, with output potentially returning to historic peaks by 2028. Analysts at Melius Research highlighted that the company is well-positioned to capitalize on a stabilizing Mexican market alongside the projected Venezuelan expansion, driving the stock to an 8.3% gain for the year.
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