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Home > Fortune 500 Companies > Smith Intl
Smith Intl
Smith Intl is a publicly traded company having a good stock performance result. Smith Intl is also a fortune 500 stock listed company trading under the symbol SII.
Smith International, Inc. announced its fourth quarter net income of 88.6 million dollars or 44 cents per share, on revenues of 1.53 billion dollars. The fourth quarter financial results include a non-recurring charge of 5.6 million dollars associated with a drill bit patent settlement entered into during the period. After excluding the after-tax impact of the charge, fourth quarter earnings were 92.3 million dollars, or 45 cents per share.
For the year ended December 31, 2005, earnings were 302.3 million dollars, or 1.48 dollars per share, on revenues of 5.58 billion dollars. For the 2004 fiscal year, the Company reported net income of 182.5 million dollars, or 89 cents per share, on revenues of 4.42 billion dollars. The 2004 results included a 20.4 million dollars after-tax charge related to the drill bit patent litigation matter which was resolved in December 2005. Excluding the impact of the litigation charge, 2004 earnings were 202.9 million dollars or 99 cents per share.
Smith Services’ revenues totaled 195.5 million dollars, 10 percent higher on a sequential quarter basis and 39 percent above the December 2004 period. The improvement over the third quarter of 2005 was reported in North America and West Africa, as higher activity levels resulted in increased demand for high-margin drilling and remedial products. Increased sales of tubular products and the impact of acquired operations also contributed to the sequential revenue comparison. On a year-over-year basis, the revenue growth was driven by higher tubular sales volumes in the United States, product line. Excluding tubular sales, revenues grew 29 including the HEVI-WATE percent – with the favorable comparison to the rig count associated with increased remedial business volumes in markets outside of North America, including the North Sea and Middle East regions.
Wilson reported revenues of 441.0 million dollars which is 10 percent higher on a sequential basis and 29 percent above the prior year period. The majority of the revenue growth over the September quarter was reported by the upstream energy operations benefiting from higher North American drilling and completion activity levels.
Due to improved pricing and product volumes, sequential incremental operating margins for the oilfield segment have topped 30 percent for the past two quarters. As a result, we now expect Smith’s 2006 earnings to range between 2.00 and 2.10 dollars per share.
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