Posted August 3, 2010
Smith International earnings doubled
Smith International reported net income for the second quarter of 2010 of $65.1 million, or 26 cents per diluted share, on revenues of $2.30 billion.
On a comparable basis, second quarter 2010 earnings from continuing operations were more than double those of the second quarter of 2009, which totaled $32.1 million on revenues of $1.94 billion. Consolidated revenues rose 7 percent on a sequential-quarter basis and 18 percent from the comparable prior-year quarter.
The distribution segment's second quarter revenues were $490.3 million, 9 percent above the March 2010 quarter and 19 percent higher on a year-on-year basis. Project spending in the United States for line pipe rose over 50 percent from the prior quarter and, together with higher energy sector volumes, more than offset the impact of lower seasonal activity levels from the Canadian operations.
