Smith Hurt By Decline in Drilling Demand

Stock quotes in this article: SII , SLB , HAL , WFT  

Drilling service provider Smith International(SII Quote) said profit tanked 41% in first-quarter, hurt by a decline in drilling demand.

The news follows last week's disappointing reports from energy rivals Schlumberger(SLB Quote), Halliburton(HAL Quote) and Weatherford International (WFT Quote). Each posted lower-than-expected earnings.

Smith said the quarterly earnings fell to $96.9 million, or 44 cents a share, compared with $174.9 million, or 87 cents, in the year-ago period. Analysts expected earnings of 57 cents a share.

Revenue remained flat at $2.41 billion, compared to $2.37 billion a year-ago.

North American drilling levels dropped 34%.

Shares of Smith fell 7% to $25.83 in afternoon trading, Weatherford dropped 5% to $16.58, Schlumberger declined 3% to $48.23 and Halliburton tipped 3% to $20.08.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.




Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,240.24 1,093.10 2,152.70 34.88
Oil *
77.41
UP
13.30
UP
0.03
DOWN
1.36
UP
0.02
10 Yr
3.49%
SPDR Gold
108.27
+0.13%
+0.00%
-0.06%
+0.06%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services