CARBO Ceramics Inc. recently reported net income of $30.2 million and revenues of $150.8 million for the quarter ended March 31, 2011. Revenues for the first quarter of 2011 increased 22% when compared to the first quarter of 2010. North American (excluding Mexico) sales volume increased 11%, while international proppant sales volume decreased 8% compared to the same period last year.
Operating profit for the first quarter of 2011 increased 60%, or $17.3 million, compared to the 2010 first quarter. This increase is due to higher sales volume, an increase in the average proppant selling price and a higher contribution from Falcon Technologies™, partially offset by an increase in selling, general, administrative and other operating expenses. Net income for the first quarter of 2011 increased 59%, or $11.2 million, compared to the first quarter of 2010.
“CARBO is off to a good start in 2011, achieving the best quarter in the company’s history,” said Gary Kolstad, president and CEO. “Our technical marketing strategy, aimed at highlighting the benefits of Economic Conductivity®, continues to have a positive impact on increased well production and enhanced recovery.”
For additional details, visit www.carboceramics.com