After the market’s close last Thursday, Weatherford International (NYSE:WFT) reported adjusted Q1 2013 earnings per share of $0.15, in line with consensus estimates. Over the course of the following day,
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In a strictly objective sense, Weatherford’s quarterly results appear mediocre. In a more subjective sense, however,
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Importantly, management continues to say the kinds of things that suggest an understanding that its way of doing things needs to change. In the past,
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It takes years to build a winning culture and organization, and it will take years to fully turn around Weatherford’s. But,
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We were particularly encouraged to hear CEO Bernard Duroc Danner articulate a more focused,
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EnergyPoint Research’s data have long indicated customers are more inclined to reward a supplier financially when it provides a consistently superior customer experience in a handful of products and/or services. In other words, bigger is not better.
The areas of focus identified by management also jibe well with results from EnergyPoint’s most recent annual customer satisfaction survey. The survey shows Weatherford rating well in such areas as sand control, casing and tubing handling and installation, and logging while drilling services.
And given the pending purchase of Lufkin Industries (NASDAQ:LUFK) by GE Oil Gas (NYSE:GE),
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Also,
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Once accomplished, lower leverage should benefit operational performance as the company gains greater capability and flexibility to invest in its people, processes and businesses across the cycle, rather than having to ineffectually hire and fire as demand ebbs and flows.
In summary, EnergyPoint’s data suggest Weatherford is steadily writing a "new chapter" for itself. In the process, it appears to be emerging from the depths a better and stronger competitor. While the company remains far from enjoying elite status in the eyes of many customers, we believe the strategic and tactical changes underway at the company will almost certainly allow it to more effectively differentiate itself in the market place.
Source: Weatherford Is Starting To Walk The Walk
Disclosure: I have no positions in any stocks mentioned,
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