Smith International, a provider of products and services to the oil and gas exploration and production industry, has reported earnings of $199.2 million, or $0.91 per diluted share, for the fourth quarter of 2008, compared to $167 million, or $0.83 per diluted share, for the same period of 2007.
For the fourth quarter of 2008, the company has reported revenues of $3.06 billion, compared to $2.29 billion for the same period of 2007.
The company has reported earnings of $767.3 million, or $3.68 per diluted share, for the year 2008, compared to $647.05 million, or $3.20 per diluted share, for the year 2007.
For the fiscal year 2008, Smith International has reported sales of $10.77 billion, compared to $8.76 billion for the year 2007.
The company reported sequential revenue growth of seven percent, reflecting the inclusion of a full quarter of the W-H Energy operations acquired in August 2008. The revenue growth was concentrated in the U.S. onshore market, reflecting increased sales associated with the W-H business lines as well as higher demand for line pipe and other tubular product offerings.
John Yearwood, CEO of Smith International, said: We reported good results in the fourth quarter influenced by the financial contribution of the legacy W-H business lines.
