Smith International revenue improves
Smith International Inc. announced fourth quarter net income of $20.1 million, or 9 cents per diluted share on revenue of $1.98 billion.
In comparison, 2009 Q3 earnings from continuing operations were $14.8 million or 7 cents per diluted share on revenue of $1.88 billion, while in the comparable prior-year fourth quarter, earnings from continuing operations were $218.6 million on revenue of $3.06 billion. The improved North American environment contributed to strong revenue growth in the Distribution segment, as well as in the PathFinder and cased-hole wireline service businesses.
Consolidated revenue increased $104.7 million, or 6 percent, from the third quarter of 2009, while worldwide rig count increased by 8%. Approximately half of the sequential revenue increase was generated in North America influenced in large part by a higher level of onshore drilling and completion activity, partially offset by continued weakness in Gulf of Mexico offshore activity and related weather delays. Outside of North America, revenue levels were 5 percent higher as compared to the September 2009 quarter, despite flat sequential rig activity.
For the 2009 fiscal year, Smith revenue was $8.2 billion with income from continuing operations, net of charges, of $181.5 million or 81 cents per diluted share, as compared to the prior year revenue of $10.8 billion and income from continuing operations, net of charges, of $788.7 million or $3.78 per diluted share.
“Our fourth quarter results reflect improved land activity in North America combined with increased offshore activity in Latin America, Europe and Africa.” said John Yearwood, CEO.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
