Smith International, Inc., supplier to the oil and gas industry, reported first-quarter sales were $2.11 billion, compared with sales of $1.68 billion in the same period a year ago. Profit was $160.2 million, up from $107 million a year ago.
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Offshore business volumes accounted for 90% of the Oilfield segment revenue increase over the December quarter, impacted by demand for drilling and completion fluids, environmental solutions and borehole enlargement technologies.
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On a geographic basis, increased activity in the U.S. deepwater market and rising offshore investment in the Eastern Hemisphere region, including the North Sea, Former Soviet Union and Middle East/Asia, accounted for the majority of the sequential improvement.
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