CARBO Ceramics Revenue Down 10%
CARBO Ceramics Inc. recently reported that its revenues for the third quarter of 2012 decreased 10%, or $15.9 million, when compared to the third quarter of 2011. North American (Canada and the U.S.) proppant sales volume decreased 11%, while International proppant sales volume increased 33% compared to the same period last year.
Operating profit for the third quarter of 2012 decreased 38%, or $21.0 million, compared to the third quarter of 2011. The decrease in operating profit was primarily the result of lower proppant sales volumes, a decrease in the average proppant selling price, higher fixed cost absorption, and an increase in freight and logistics costs, partially offset by a greater contribution from the company’s other business units and a decrease in SG&A expenses. Net income for the 2012 third quarter decreased 35%, or $13.0 million, compared to the third quarter of 2011.
President and CEO Gary Kolstad commented, “While the third quarter had its share of challenges, we are pleased that global sales volumes of CARBO’s Ceramic Proppant Volumes were only down 3% year-over-year, as gains in international sales volumes partially offset declines in North America.”
For additional information, visit www.carboceramics.com.