On Monday, Shares of Weatherford International plc (NYSE:WFT), lost -3.85% to $10.23.
Weatherford International stated a net loss before charges of $77 million ($0.10 net loss per share non-GAAP) on revenues of $2.39 billion for the second quarter of 2015. GAAP net loss for the second quarter of 2015 was $489 million, or a net loss of $0.63 per share.
Bernard J. Duroc-Danner, Chairman of the Board, President and Chief Executive Officer, stated, “The second quarter was a very difficult one to navigate. Given the circumstances, I would like to highlight two positives, our revenue performance and our North American decrementals. Rig count declined 26% on a worldwide basis. By contrast, our revenue performance showed a sequential decline of 14%. The international segment was particularly strong, with a decline of only 2.7%, despite lower activity and pricing levels, suggesting that we are gradually increasing market share. North American revenue declined 30% contrast to a 40% reduction in rig count and despite our disproportionately larger presence in Canada and on U.S. land. I would also focus your attention on the sequential decremental margins for North America, which at 23% were about half the level achieved in 2009. This reflects the strong and proactive cost administration measures we have taken this year.
We remain confident in our ability to generate positive free cash flow on a full year basis. By implementing focused measures and continued discipline, we generated second quarter free cash flow of $104 million, a sequential improvement of $370 million. This result was achieved despite industry headwinds and a very weak North American market, which drove negative net income for the quarter.”
Weatherford International plc provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide.
Shares of PulteGroup, Inc. (NYSE:PHM), inclined 0.05% to $19.50, during its last trading session.
PulteGroup declared financial results for its second quarter ended June 30, 2015. For the quarter, the Company stated net income of $103 million, or $0.28 per share, counting a pretax benefit of $27 million, or $0.05 per share, resulting from a legal settlement in the period. Preceding year net income of $42 million, or $0.11 per share, comprised of pretax charges of $88 million, or $0.14 per share, for insurance reserves and office relocation costs.
Second Quarter Results
Home sale revenues for the second quarter totaled $1.2 billion, which is unchanged from the preceding year. Revenues for the period reflect a 1% enhance in average selling price to $332,000, offset by a 1% decrease in closings to 3,744 homes.
The Company’s second quarter home sale gross margin was 23.3%, an enhance of 60 basis points from the first quarter of 2015 and a decrease of 30 basis points from the comparable preceding year period. Homebuilding SG&A expense for the quarter was $130 million, or 10.5% of home sale revenues, contrast with $230 million, or 18.4% last year. Second quarter 2015 SG&A comprises a benefit of $27 million regarding a legal settlement, whereas preceding year SG&A comprised of charges of $88 million for insurance reserves and office relocation costs.
The value of net new orders for the second quarter raised 11% to $1.8 billion. On a unit basis, net new orders for the period raised 7% to 5,118 homes. The Company operated out of 630 communities in the quarter, an enhance of 7% from the second quarter of 2014.
PulteGroup, Inc., through its auxiliaries, engages in the homebuilding business; mortgage banking operations; and title operations in the United States. The company is involved in the acquisition and development of land primarily for residential purposes; and the construction of housing on land. It offers various home designs, counting single-family detached, townhouses, condominiums, and duplexes under the Pulte Homes, Del Webb, and Centex brand names.
Finally, GNC Holdings Inc. (NYSE:GNC), ended its last trade with -1.84% loss, and closed at $42.03.
The Board of Directors of GNC Holdings authorized and declared the quarterly cash dividend for the third quarter of 2015 of $0.18 per share of the Company’s common stock. The dividend will be paid on or about September 25, 2015 to stockholders of record as of the close of business on September 11, 2015.
GNC Holdings, Inc. operates as a specialty retailer of health and wellness products. The company operates through three segments: Retail, Franchise, and Manufacturing/Wholesale. Its products comprise vitamins, minerals and herbal supplements, sports nutrition products, diet products, and other wellness products.
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