Smith International Inc. reported second-quarter earnings of...

Smith International Inc. reported second-quarter earnings of $1.1 million, contrasted with a loss of $59.3 million for the year-ago period. Second-quarter 1987 results for the Irvine oil and gas industry supplier included a loss from continuing operations of $11.7 million and a $47.6-million loss from discontinued operations. Improved drilling activity and improved pricing for products and services primarily contributed to an increase in revenue, which rose 37% to $81.8 million, the company said.