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Smith Earnings Dampened By Bad Weather

Rain washed away the happy faces of Smith International's shareholders this morning after the oil services company announced fourth quarter earnings and guidance for the coming year.

Smith International Inc. (nyse: SII - news - people ) reported a 17% profit increase in the fourth quarter of 2007, but missed analyst targets. The company reported a rise in net income to $167.0 million, or 83 cents per share, from $143.0 million, or 71 cents per share in the year-ago quarter. Revenue rose to $2.3 billion from $2.0 billion. Analysts had predicted that the company would be at 88 cents per share.

Smith blames the earnings shortfall on heavy rains and flooding in Mexico, as well as a shortage of rigs in shallow waters.

"They didn't hit expectations in the

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