Weatherford International plc (NASDAQ:WFRD) Q3 2023 Earnings Call Transcript October 25, 2023 10:00 AM ET

Company Participants

Girish Saligram - President, Chief Executive Officer

Arun Mitra - Executive Vice President, Chief Financial Officer

Mohammed Topiwala - Director, Investor Relations, M&A

Conference Call Participants

Luke Lemoine - Piper Sandler

Ati Modak - Goldman Sachs

Doug Becker - Capital One

Jim Rollyson - Raymond James

Kurt Hallead - Benchmark

Operator

Ladies and gentlemen, thank you for standing by. And welcome to the Weatherford International, Third Quarter 2023 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions]. As a reminder, this event is being recorded today.

I would now like to turn the conference over to Mohammed Topiwala, Director, Investor Relations and M&A. Sir, you may begin.

Mohammed Topiwala

Welcome everyone to the Weatherford International third quarter 2023 conference call. I'm joined today by Girish Saligram, President and CEO, and Arun Mitra, Executive Vice President and CFO.

We will start today with our prepared remarks and then open it up for questions. You may download a copy of the presentation slides corresponding to today's call from the website's Investor Relations section.

I want to remind everyone that some of today's comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectation expressed herein. Please refer to our latest Securities and Exchange Commission filings for risk factors and cautions regarding forward-looking statements.

Our comments today also include non-GAAP financial measures. The underlying details and a reconciliation of GAAP to non-GAAP financial measures are included in our third quarter earnings press release, which can be found on our website.

As a reminder, today's call is being webcast, and a recorded version will be available on our website's Investor Relations section following the conclusion of this call.

With that, I'd like to turn the call over to Girish.

Girish Saligram

Thanks, Mohammed, and thank you all for joining the call. We delivered another quarter of solid results, driven by strong operational execution in a mixed market environment. As always, I want to start by thanking the 18,000-plus members of our One Weatherford team for their passion for our customers and business. Everything we have achieved is the result of their spirit, tenacity and commitment.

Third quarter revenue increased 3% sequentially and 17% year-on-year, driven by international growth across most regions. While we continue to be an internationally levered business, I want to highlight what our North American team has achieved.