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Operating profit for the 2011 third quarter increased 80% compared to the third quarter of 2010. This increase is reportedly due to higher sales volume, an increase in the average proppant selling price, a change in product mix and a higher contribution from other business units, partially offset by an increase in selling, general and administrative expenses. Net income for the third quarter of 2011 increased 83% compared to the prior-year quarter.
“We are pleased that CARBO set a number of financial and operational records during the quarter,” said Gary Kolstad, president and CEO. “The exceptional third quarter results continued to highlight the importance that our clients place on high conductivity proppant, especially in the North American liquids-rich resource plays such as the Bakken, Colony Granite Wash, Eagle Ford, and Permian.”
For more information, visit www.carboceramics.com.