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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. ...

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