Smith International Beats Estimates

Earnings rise 66%.
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Oil and gas services company

Smith International

(SII)

said its first quarter earnings rose 66%.

The company earned $107.2 million, or 53 cents a share, in the quarter, compared with $66.2 million, or 32 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 48 cents a share in the most recent quarter.

First quarter revenue rose 30.6% to $1.7 billion as against analysts' expectation of $1.6 billion.

Smith expects to earn $2.15 a share to $2.25 a share for the full year as against analysts' estimate of $2.11 a share.

Operating profit rose 60% to $237.1 billion while operating profit margin improved 260 basis points to 14.1%.

Sales from oilfield products and services segment rose 33% to $1.2 billion, helped by increased exploration and production spending in regions outside of North America combined with the recovery in the U.S. deepwater market.

The stock rose 23 cents to $43.44.

This story was created through a joint venture between TheStreet.com and IRIS.