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Smith International 1Q Profit Falls 45 Pct

Stock quotes in this article: SII  

HOUSTON (AP) — Oilfield services company Smith International Inc. on Monday said its first-quarter profit fell 45 percent, driven by a sharp decline in drilling activity amid the global economic downturn.

Earnings for the quarter slid to $96.9 million, or 44 cents per share, compared with $175 million, or 87 cents per share, during the same period last year.

Results include a $34.8 million charge related to severance costs from the 14 percent reduction in North American personnel levels. Excluding this one-time charge, Smith reported income of $114.5 million, or 52 cents per share. ...

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