CARBO Ceramics Inc. recently reported net income of $36.9 million on revenues of $167.1 million for the quarter ended September 30. Revenues for the third quarter of 2011 increased 41% when compared to the third quarter of 2010. North American (defined as Canada and the U.S.) proppant sales volume increased 31%, while international proppant sales volume increased 29%, compared to the same period last year.
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.”
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