Carbo Ceramics Q3 Earnings Fall, But Results Beat Estimates - Quick Facts

(RTTNews) - Carbo Ceramics Inc. (CRR) Thursday reported third-quarter earnings which decreased, due mainly to a decline in ceramic proppant sales volumes. Nevertheless, both earnings and revenues topped analysts' estimates.

"The third quarter marked a period where a combination of events impacted the ceramic proppant market." said CEO Gary Kolstad. "A growing number of E&P operators are experimenting with the use of raw frac sand."

Kolstad also said that some of company's clients' pad well completions were delayed.

For the three months to September, net earnings were $13.74 million or $0.60 per share, down from $30.15 million or $1.31 per share a year earlier.

Earnings, excluding certain asset write downs, of $0.83 per share beat the $0.75 average estimate of fifteen analysts polled by Thomson-Reuters. Analysts' estimates typically exclude one-time items.

Revenues plunged to $155.4 million, from $201.48 million last year, but were above the 154.31 million Wall Street expected.