Nov 12 Oilfield services company Weatherford
International Ltd posted a decline in quarterly
pre-tax earnings on Monday as it booked charges for the reduced
value of inventory and for professional fees related to tax
The company, based in Switzerland, is reporting earnings on
a pre-tax basis because it is still working through "material
weakness" in its internal controls over tax reporting.
Weatherford made a third quarter pre-tax profit of $191
million, down from $270 million a year before. Excluding a $29
million charge for reducing the carrying value of inventory, $27
million for the tax-related fees and two other items, the
company made $264 million, down from $288 million a year before.
Revenue increased 13 percent to $3.82 billion, short of the
average estimate of $3.9 billion on Thomson Reuters I/B/E/S.