Smith International Posts Net Loss in Third Quarter
Reflecting continued tough times in the oil and gas drilling industry, Smith International reported a net loss of $8.2 million for the third quarter, compared to net income of $3.6 million for the same period a year ago.
The Newport Beach-based company, a products and services firm, posted revenue of $175.4 million for the quarter, down 9% from $192.9 million in the year-earlier period.
Smith attributed the decline in its results to a 16% drop in oil and gas drilling activity in the United States. For the nine months, Smith reported a net loss of $58.3 million on revenue of $524.9 million, compared to net income of $7.5 million on revenue of $545.2 for the same period in 1984.