Weatherford International Ltd. & American International Group, Inc. News: (NYSE:WFT), (NYSE:AIG)
New York, NY -- (ReleaseWire) -- 05/06/2013 --Weatherford International Ltd. (NYSE:WFT) reported first quarter 2013 revenues of $3,837 million with net income of $117 million, or $0.15 per diluted share, excluding after-tax losses of $95 million. On a GAAP basis, our net income for the first quarter of 2013 was $22 million, or $0.03 per diluted share.
Consistent with previously published views, the company expects the second half of 2013 to show modest growth in North America revenues and operating income. Latin America will maintain a steady improvement throughout the year. The outlook for the Eastern Hemisphere remains positive with continued expansion in Europe, Sub-Sahara Africa and Russia, with continued recovery in the Middle East/North Africa and Asia Pacific Region.
Weatherford International Ltd. provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide.
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American International Group, Inc. (NYSE:AIG) reported net income attributable to AIG of $2.2 billion and after-tax operating income of $2.0 billion for the quarter ended March 31, 2013, compared to net income attributable to AIG of $3.2 billion and after-tax operating income of $3.0 billion for the first quarter of 2012. The prior-year first quarter included $3.3 billion of pre-tax income from investments in AIA Group Limited (AIA), Maiden Lane II LLC (ML II), and Maiden Lane III LLC (ML III) that were sold or liquidated in 2012.
Sterne Agee increased its price target on shares of AIG to $46 following strong earnings from the company this week. In the report, Sterne Agee increased its EPS estimates, but maintained its neutral rating.
American International Group, Inc. provides insurance products and services for the commercial, institutional, and individual customers in the United States and internationally.
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