Energy
Trouble Continues in Oilfield Services (SII, HAL, WFT, SLB)
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Well drilling and completion services just aren’t paying off for anyone this reporting season. Smith International Inc. (NYSE:SII) reported diluted EPS of $0.44 on revenues $2.41 billion. After deleting a restructuring charge of $34.8 million, EPS reaches $0.52. First quarter 2008 EPS was $0.87 on $2.37 billion in revenue.
Like its brethren oilfield services providers Halliburton Company (NYSE:HAL), Weatherford International Ltd. (NYSE:WFT), and Schlumberger Ltd. (NYSE:SLB), lowered targets didn’t rescue Smith.
In the last quarter of 2008, Smith’s EPS reached $0.91 on revenues of $3.06 billion. For the 2009 first quarter, analysts had been expecting EPS of $0.57 and revenues of $2.56 billion. Not very aggressive, but still out of reach.
Smith’s shares haven’t traded yet in pre-market. The company’s closing price on Friday was $27.77, and its 52-week range is $18.23-$88.40. It could be a long time before that top is reached again.
Paul Ausick
April 27, 2009
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