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.
Carbo Ceramics (CRR +16.6%) enjoys a big advance after reporting strong Q2 beats in earnings and revenues. While admitting a difficult H1, CRR expects a better H2: "In the latter part of the quarter, we experienced increased demand for ceramics proppants and improved margins."
Carbo Ceramics Inc is a supplier of ceramic proppant. It provides fracture simulation software, fracture design, engineering and consulting services and a broad range of technologies for spill prevention, containment and countermeasures.