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Operating profit for the fourth quarter of 2011 increased 59%, or $18.3 million, compared to the fourth quarter of 2010. This increase is primarily due to higher proppant sales volume, an increase in the average proppant selling price and a higher contribution from the company’s other business units, partially offset by an increase in freight and logistics costs.
Net income for the fourth quarter of 2011 increased 59%, or $12.3 million, compared to the fourth quarter of 2010. Full year net income for 2011 increased 65%, or $51.4 million, compared to 2010.
“2011 was a record year for CARBO,” said Gary Kolstad, president and CEO. “Proppant volumes increased 19% year-over-year to 1.6 billion lbs. Revenues and net income increased 32% and 65%, respectively, year-over-year. We continued to focus on returning cash to our shareholders by increasing the quarterly dividend 20%. This marked the 11th consecutive year the company has increased its dividend.
For more information, visit www.carboceramics.com.