Weatherford Earnings Plummet 79%

GENEVA (TheStreet) -- Weatherford(WFT Quote), the oilfield services company, reported a decline of 79% in third-quarter earnings as revenue fell, particularly in North America.

Earnings were $77.4 million, or 11 cents a share, compared with year-earlier net income of $370.6 million, or 53 cents a share.

Revenue fell to $2.15 billion, a decline of 15% from a year earlier, as its rig count decreased 39%. Revenue in North America fell 47% and its rig count in the region fell 52%.

Weatherford, in a press release Monday, said third-quarter income from continuing operations was $93 million, or 13 cents a share. Analysts surveyed by Thomson Reuters estimated earnings of 13 cents a share on revenue of $2.15 billion.

-- Reported by Joseph Woelfel in New York .

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