Weatherford reports lower 3Q operating income

Swiss oilfield services firm Weatherford International Ltd. said its third-quarter operating profit declined more than 16 percent despite an increase in revenue.

The company said Monday after markets closed in the U.S. that its operating profit for the three months ended Sept. 30 was $343 million, compared to $411 million a year earlier. The company did not provide corresponding per-share amounts in its balance sheet.

Revenue in the quarter totaled $3.82 billion, compared to $3.37 billion a year earlier.

Because of accounting errors, the company restated some of its results for prior periods, including the year-ago third quarter.

Analysts have said they would be looking at the earnings report to see how the company is managing the downturn in North American demand, among other things.

Weatherford was a BP contractor involved with the blown-out Macondo well in the Gulf of Mexico in April 2010.