Carbo Ceramics Slips To Loss In Q3; Sees Sequentially Lower Volume In Q4

(RTTNews) - Carbo Ceramics Inc. (CRR) Thursday reported that its third-quarter net loss was $13.9 million or $0.60 per share, compared to net income of $13.7 million or $0.60 per share in 2014.

The latest results included $3.6 million or $0.15 per share of after-tax costs associated with slowing and idling production and $2.3 million, or $0.10 per share in miscellaneous after-tax charges.

On average, 14 analysts polled by Thomson Reuters expected loss of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.

Operating loss was $19.2 million, compared to an operating profit of $19.0 million. The decrease was mainly attributable to the decrease in ceramic proppant sales volumes and a decrease in average ceramic proppant selling price.

Revenues for the third quarter decreased 51% to $75.81 million from $155.40 million last year, while analysts were looking for $74.19 million.

The decrease was mainly attributable to a decrease in proppant sales volumes and market-driven reductions in the average selling prices.

Looking ahead, CEO Gary Kolstad said, "… our proppant sales volumes in the fourth quarter of 2015 will likely decline significantly when compared to the third quarter of 2015. In addition, we expect to see continued pricing pressure in the fourth quarter of 2015."