Weatherford International plc (WFT) saw its loss narrow to $448 million, or $0.45 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $498 million, or $0.61 a share. On the other hand, adjusted net loss for the quarter widened to $318 million, or $0.32 a share from a loss of $239 million or $0.29 a share, a year ago. Revenue during the quarter dropped 12.56 percent to $1,386 million from $1,585 million in the previous year period. Operating margin for the quarter stood at negative 14.14 percent as compared to a negative 28.20 percent for the previous year period.
Operating loss for the quarter was $196 million, compared with an operating loss of $447 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $124 million compared to operating loss of $193 million in prior year period.
Mark A. McCollum, president and chief executive officer, commented, “I am honored to have the opportunity to lead Weatherford, an organization with a reputation for exceptional technologies and collaborative customer relationships, a strong global market presence and a high-caliber, diverse workforce. Building on a rich base of opportunities, I look forward to guiding our Company to reach its full potential."
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