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CARBO Ceramics Inc. recently reported net income of $17.6 million on revenues of $147.7 million for the quarter ended March 31, 2013. Revenues for the first quarter of 2013 decreased 10%, or $15.5 million, compared to the first quarter of 2012. The decrease is reportedly mostly attributed to a decrease in the average proppant selling price, partially offset by an increase in proppant sales volume. North American (U.S. and Canada) proppant sales volumes increased 13% percent, while international proppant sales volumes decreased 3% compared to the same period last year.
Operating profit for the first quarter of 2013 decreased 46%, or $21.4 million, compared to the first quarter of 2012. This decrease was primarily the result of a decrease in average selling price, a change in the product sales mix and higher distribution costs, partially offset by an increase in proppant sales volume.
“The industry environment remained challenging in the first quarter,” said Gary Kolstad, president and CEO. “On the positive side, we continue to build upon our technology leadership in production enhancement. We made gains in key shale basins, work on our new proppant technology continued, and we made progress in the resin-coated sand (RCS) market.
“CARBO’s ceramic proppant volumes were up 7% year-over-year, despite the average U.S. rig count being down 12% over the same period. On a sequential basis, ceramic proppant volumes and respective pricing were relatively steady, even as additional pricing pressures emerged and E&P operators continued to focus on reducing well costs.”
For additional information, visit www.carboceramics.com.