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CARBO Ceramics Inc. recently reported net income of $30.3 million on revenues of $163.2 million for the quarter ended March 31. First quarter revenues increased 8% when compared to the first quarter of 2011. North American (defined as Canada and the U.S.) proppant sales volume decreased 2%, while international proppant sales volume increased 21% compared to the same period last year.
Operating profit for the first quarter of 2012 remained relatively flat compared to the first quarter of 2011. Higher gross profit from an increase in the average proppant selling price and a greater contribution from some of the company’s other business units were relatively offset by increases in freight, logistics, selling, general, administrative, and other operating expenses.
“Compared to the fourth quarter of 2011, sales volumes rebounded, up 4% to 404 million pounds, while our average proppant price remained relatively flat,” said Gary Kolstad, president and CEO. “We were very pleased with the trend in the first quarter sales volumes as we continued to place increased amounts of ceramic proppant into the liquids-rich basins. Additionally, our client base continued to expand as E&P operators achieve increased production results by utilizing our high-conductivity, high-quality ceramic proppant.”
For additional information, visit www.carboceramics.com.