Weatherford Drops On Weaker-Than-Expected Q1 Earnings

Shares of Weatherford International Ltd WFT dropped in pre-market trading after the company reported weaker-than-expected Q1 earnings. WFT swung to a Q1 profit of $59.2 million, or $0.08 per share, from a loss of $68.4 million, or $0.09 per share, in the year-ago quarter. The company's adjusted profit came in at $0.10 per share. The company's revenue increased to $2.86 billion from $2.33 billion. However, analysts were expecting earnings of $0.18 per share on revenue of $2.83 billion. Weatherford projects Q2 adjusted earnings of $0.15 to $0.17 per share, versus analysts' estimates of $0.21 per share. WFT shares fell 2.74% to $20.55 in pre-market trading. Read more from Benzinga's Company news.