This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Smith International, Inc. Reports Third Quarter Results 2009-10-29 05:00 ET - News Release
HOUSTON -- (Business Wire)
Smith International, Inc. (NYSE: SII) today announced third quarter
income from continuing operations of $14.8 million, or $0.07 per diluted
share, excluding $7.8 million of after-tax charges related to employee
severance. Reported net income in the third quarter of 2009 totaled
$7.0 million, or $0.03 cents per diluted share, on revenue of
$1.88 billion. In the comparable prior-year period, earnings from
continuing operations, net of charges, were $211.9 million on revenue of
$2.85 billion, while second quarter 2009 earnings from continuing
operations, net of charges, were $32.1 million on revenue of $1.94
billion.
The Company’s third quarter results were primarily influenced by
unfavorable economic fundamentals in the North American natural gas
market that contributed to continued pricing pressure within the U.S.
operations of the Distribution and Smith Oilfield segments. Line pipe,
drilling-related tubular offerings, as well as fishing and remedial
services were particularly affected during the quarter. The modest
seasonal recovery of drilling activity in Canada, sequential quarter
revenue growth in Latin America and the solid performance of M-I SWACO
were not sufficient to mitigate the revenue and margin deterioration
experienced during the third quarter of 2009.
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