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Gold/Mining/Energy : Weatherford International (WFT)
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To: Douglas V. Fant who wrote (39)8/14/1998 2:46:00 PM
From: JakeStraw   of 142
 
Full Press release:

Weatherford sees earnings below forecasts

HOUSTON, Aug 14 (Reuters) - EVI Weatherford Inc., the fourth largest U.S. oilfield
services company, said Friday it expected earnings for the third quarter and for the whole of
1998 to fall short of the First Call consensus of analysts' estimates.

''On First Call the average (third quarter) estimate for us is about 65 cents. We expect to be below that...By association the
year will not meet current estimates of around $2.63,'' Vice President of Investor Relations Don Galletly said.

EVI Weatherford's stock was one of the biggest losers on a generally firmer New York Stock Exchange on Friday morning,
off $2.25 or 9.8 percent at $20.75.

Galletly said Weatherford still expected earnings per share for the whole of 1998 to exceed the equivalent 1997 figure.

''We do expect earnings to be up. We earned $1.80 last year and we expect earnings to be up from that,'' he said.

Galletly said protracted oil price weakness had led to a decline in drilling activity, particularly in the U.S. and Canada, but also
in key international markets such as Venezuela.

''The price of oil is down, it hasn't improved. It's affecting drilling volumes,'' he said.

Galletly said EVI Weatherford was not making any predictions at this point about its earnings in 1999.
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