Carbo Ceramics bursts out of the gate after strong Q3 results

|By:, SA News Editor

Shares of Carbo Ceramics (CRR +22.9%) skyrocket at the open after the supplier of ceramic proppant and resin-coated sand beat expectations for Q3 earnings and revenues.

The 33% Y/Y increase in total revenues is mainly attributed to a 48% rise in proppant sales volumes, offset by a 6% drop in the average proppant selling price; North American proppant sales volumes rose 63%, while international sales volumes fell 17%.

CRR says it is accelerating the planning stages of Millen Line 2, which will have a 250M lb./year capacity; a number of long-lead time items have already been purchased for the line.