UPDATE 1-Weatherford posts Q1 profit
Thu Apr 21, 2011 12:44am EDT
* Q1 GAAP EPS $0.08 v/s yr-ago loss of $0.09
* Q1 revenue up 23 pct
* Sees Q2 shr $0.15 to $0.17, before items
* North America segment revenue rose 53 pct (Adds detail)
April 21 (Reuters) - Weatherford International Ltd , the world's fourth-largest oilfield services company, reported a first quarter profit compared to a year-ago loss, helped by higher revenue in the company's North America segment.
For the first quarter, the company earned $59.2 million, or 8 cents a share versus a year-ago loss of $68.4 million, or 9 cents a share.
Weatherford said it earned first quarter net income of $78 million, or 10 cents per share, excluding an after-tax loss of $18 million.
Quarterly revenue rose 23 percent to $2.9 billion.
Analysts, on average, were expecting earnings of 18 cents a share, before certain items, on revenue of $2.82 billion, according to Thomson Reuters I/B/E/S.
The company expects earnings, before excluded items, of about 15 cents to 17 cents a share in the second quarter of 2011.
Analysts are expecting second quarter earnings of 20 cents a share.
Weatherford said revenue from its North America region increased 53 percent compared to the first quarter of 2010. (Reporting by Sakthi Prasad; Editing by Anshuman Daga)
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