UPDATE 1- Smith Int'l Q3 profit tops Street
* Q3 adjusted EPS $1.01 v estimates $0.99
* Raises FY 2008 EPS view
Oct 28 (Reuters) - Smith International Inc SII.N on Tuesday said quarterly earnings rose 26 percent, topping analyst expectations, as the company benefitted from seasonal drilling recovery in Canada, higher U.S. distribution sales volumes and its August acquisition of W-H Energy Services. Smith said third-quarter profit was $209.8 million, or $1.00 per share, compared with $166.8 million, or 83 cents per share, a year ago.
Excluding non-recurring items, the company reported quarterly net income of $211.9 million, or $1.01 per share.
Revenue increased 27 percent to $2.85 billion.
Analysts on average expected the Houston company to earn 98 cents per share on revenue of $2.72 billion, according to Reuters Estimates.
The company raised its 2008 full-year earnings outlook to a range of $3.83 to $3.88 per share from $3.70 to $3.80.
Shares of Smith International closed at $26.49 Monday on the New York Stock Exchange. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Anil D'Silva)
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