Smith International, a Newport Beach oil-drilling equipment...

Smith International, a Newport Beach oil-drilling equipment manufacturer, said it has delayed earlier plans to raise cash with a new stock offering. The company’s healthy performance over the first half of the year, combined with an uncertain outlook for the stock market, prompted the company to forgo the financing, according to Loren Carroll, chief financial officer. Last week, Smith reported second-quarter net income of $1.1 million on revenue of of $81.8 million. In 1987, the company reported a second-quarter loss $59.3 million on revenue of $59.6 million.