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Smith 3rd-quarter Profit Declines On Weak Demand
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SII
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HOUSTON (AP) — Oilfield services Smith International Inc. said Thursday its third-quarter profit tumbled, falling well-below Wall Street's expectations, largely due to a weak natural gas market and prices.
The Houston company earned $7 million, or 3 cents per share, in the July-September period. That's down 97 percent from $209.8 million, or $1 per share, in the prior-year period.
Quarterly revenue fell 34 percent to $1.88 billion, from $2.85 billion, a year earlier. ...
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