CARBO Ceramics Inc. recently reported net income of $29.9 million on revenues of $149.7 million for the quarter ended June 30, 2011. Revenues for the second quarter of 2011 increased 34% when compared to the second quarter of 2010. North American (excluding Mexico) proppant sales volume increased 26%, while international proppant sales volume increased 10%, compared to the same period last year.
Operating profit for the quarter increased 61% vs. the second quarter of 2010. This increase is due to higher sales volume, an increase in the average proppant selling price, and a higher contribution from other business units, partially offset by an increase in freight, selling, general, and administrative expenses. Net income for the second quarter 2011 increased 60% compared to the second quarter of 2010.
“We are pleased with the financial and operational results for the second quarter,” said Gary Kolstad, president and CEO. “Demand for our proppant remains robust across the major resource plays in North America, including the Haynesville, Eagle Ford, Colony Wash, Permian and the Bakken. The company’s solid quarterly performance demonstrates that our marketing strategy, based on highlighting the benefits of Economic Conductivity®, resonates with our clients and continues to have a positive impact on increased well production and enhanced recovery. We remain committed to increasing proppant capacity to satisfy client demands for our high quality, high conductivity proppant.
For more information, visit www.carboceramics.com