The oil producer said it expects fourth-quarter earnings of 5 cents to 8 cents a share. Analysts surveyed by Capital IQ expect earnings of 26 cents a share. Weatherford also said ii expects 2014 earnings of between $1.10 and $1.20 a share. Analysts are calling for earnings of $1.22 a share for the year.
The company said it will focus on increasing profit in 2014 by "focusing the organization on growing our core businesses," "making cost base more efficient," and "divesting non-core businesses and reducing our net debt." Weatherford said it will cut 7,000 employees in the first half of the year to reduce costs.
TheStreet Ratings team rates WEATHERFORD INTERNATIONAL as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about its recommendation:
"We rate WEATHERFORD INTERNATIONAL (WFT) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and poor profit margins."