Carbo Ceramics Inc. (CRR, Financial) filed Quarterly Report for the period ended 2012-09-30.
Carbo Ceramics, Inc. has a market cap of $1.71 billion; its shares were traded at around $73.91 with a P/E ratio of 14.3 and P/S ratio of 2.7. The dividend yield of Carbo Ceramics, Inc. stocks is 1.5%. Carbo Ceramics, Inc. had an annual average earning growth of 15.6% over the past 10 years. GuruFocus rated Carbo Ceramics, Inc. the business predictability rank of 5-star.
Gross Profit. Gross profit for the third quarter of 2012 was $50.2 million, or 33% of revenues, compared to $72.7 million, or 44% of revenues, for the third quarter of 2011. Operations in 2012 continued to be impacted by the shift in drilling activity away from natural gas basins due to the severe decline in natural gas prices in late 2011 and the resulting logistical challenges and competitive pressures created by this shift. The decrease in gross profit and in gross profit as a percentage of revenue was primarily the result of lower proppant sales volumes, a decrease in the average proppant selling price, higher fixed cost absorption and an increase in freight and logistics costs. Greater contribution from the Companys other business units partially offset the decline in gross profit from proppant sales.
Selling, General and Administrative (SG&A). SG&A expenses totaled $15.1 million for the third quarter of 2012 compared to $16.6 million for the same period in 2011. As a percentage of revenues, SG&A expenses remained relatively flat at 10.0% for the third quarter of 2012 compared to 9.9% for the same period last year. The decrease in SG&A expenses primarily resulted from lower marketing, research and development, and administrative spending.
Revenues. Revenues of $491.9 million for the nine months ended September 30, 2012 increased 5% compared to $467.6 million in revenues for the same period in 2011. Revenues increased primarily due to a 4% increase in proppant sales volume and an increase in revenues of the Companys other business units. Worldwide proppant sales volume totaled 1.270 billion pounds in the first nine months of 2012 compared to 1.218 billion pounds for the same period in 2011. North American (defined as Canada and the U.S.) sales volume remained relatively flat for the nine months ended September 30, 2012 as compared to the same period in 2011. International (excluding Canada) sales volume increased 25% primarily due to increased sales volumes in Mexico, Russia and China. Other Proppants (resin-coated sand and ceramic proppant manufactured on an outsourced basis) represented 119 million pounds of the Companys worldwide sales volumes for the nine months ended September 30, 2012, as compared to 80 million pounds in the same period in 2011. The average selling price per pound of all proppant was $0.352 during the nine months ended September 30, 2012 compared to $0.355 for the same period in 2011.
Selling, General and Administrative (SG&A) and Other Operating Expenses. SG&A expenses totaled $48.8 million for the nine months ended September 30, 2012 compared to $46.8 million for the same period in 2011. As a percentage of revenues, SG&A expenses remained relatively flat at 9.9% for the nine months ended September 30, 2012 compared to 10.0% for the same period in 2011. The increase in SG&A expenses primarily resulted from higher marketing and administrative spending. Start-up costs of $0.1 million in 2012 related to the start-up of the second resin-coating line at the Companys New Iberia, Louisiana facility. Start-up costs of $0.1 million in 2011 related to costs associated with the start-up of the fourth production line at the Companys Toomsboro, Georgia facility. Loss on disposal or impairment of assets of $1.5 million in 2011 consists primarily of a $0.9 million impairment of goodwill related to the Companys geotechnical monitoring business and a $0.8 million write-down of a 6% interest in an investment accounted for under the cost method as a result of the sale of the business by majority shareholders.
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Carbo Ceramics, Inc. has a market cap of $1.71 billion; its shares were traded at around $73.91 with a P/E ratio of 14.3 and P/S ratio of 2.7. The dividend yield of Carbo Ceramics, Inc. stocks is 1.5%. Carbo Ceramics, Inc. had an annual average earning growth of 15.6% over the past 10 years. GuruFocus rated Carbo Ceramics, Inc. the business predictability rank of 5-star.
Highlight of Business Operations:
Revenues. Revenues of $151.1 million for the quarter ended September 30, 2012 decreased 10% compared to $167.1 million in revenues for the same period in 2011. The decrease is mainly attributed to a 5% decrease in proppant sales volume and a 9% decrease in the average proppant selling price partially offset by an increase in revenues of the Companys other business units. Worldwide proppant sales volume totaled 412 million pounds for the third quarter of 2012 compared to 432 million pounds for the third quarter of 2011. North American (defined as Canada and the U.S.) sales volume decreased 11% driven by several factors including a shift in drilling activity from natural gas to oily, liquids-rich basins and increased competition from an over-supply of Chinese ceramic proppant. International (excluding Canada) sales volume increased 33% primarily due to increased sales volumes in Mexico and China. Other Proppants (resin-coated sand and ceramic proppant manufactured on an outsourced basis) represented 27 million pounds of the Companys worldwide sales volumes in the third quarter of 2012, as compared to 34 million pounds in the third quarter of 2011. The average selling price per pound of all proppant was $0.327 during the third quarter of 2012 compared to $0.358 for the same period in 2011.Gross Profit. Gross profit for the third quarter of 2012 was $50.2 million, or 33% of revenues, compared to $72.7 million, or 44% of revenues, for the third quarter of 2011. Operations in 2012 continued to be impacted by the shift in drilling activity away from natural gas basins due to the severe decline in natural gas prices in late 2011 and the resulting logistical challenges and competitive pressures created by this shift. The decrease in gross profit and in gross profit as a percentage of revenue was primarily the result of lower proppant sales volumes, a decrease in the average proppant selling price, higher fixed cost absorption and an increase in freight and logistics costs. Greater contribution from the Companys other business units partially offset the decline in gross profit from proppant sales.
Selling, General and Administrative (SG&A). SG&A expenses totaled $15.1 million for the third quarter of 2012 compared to $16.6 million for the same period in 2011. As a percentage of revenues, SG&A expenses remained relatively flat at 10.0% for the third quarter of 2012 compared to 9.9% for the same period last year. The decrease in SG&A expenses primarily resulted from lower marketing, research and development, and administrative spending.
Revenues. Revenues of $491.9 million for the nine months ended September 30, 2012 increased 5% compared to $467.6 million in revenues for the same period in 2011. Revenues increased primarily due to a 4% increase in proppant sales volume and an increase in revenues of the Companys other business units. Worldwide proppant sales volume totaled 1.270 billion pounds in the first nine months of 2012 compared to 1.218 billion pounds for the same period in 2011. North American (defined as Canada and the U.S.) sales volume remained relatively flat for the nine months ended September 30, 2012 as compared to the same period in 2011. International (excluding Canada) sales volume increased 25% primarily due to increased sales volumes in Mexico, Russia and China. Other Proppants (resin-coated sand and ceramic proppant manufactured on an outsourced basis) represented 119 million pounds of the Companys worldwide sales volumes for the nine months ended September 30, 2012, as compared to 80 million pounds in the same period in 2011. The average selling price per pound of all proppant was $0.352 during the nine months ended September 30, 2012 compared to $0.355 for the same period in 2011.
Selling, General and Administrative (SG&A) and Other Operating Expenses. SG&A expenses totaled $48.8 million for the nine months ended September 30, 2012 compared to $46.8 million for the same period in 2011. As a percentage of revenues, SG&A expenses remained relatively flat at 9.9% for the nine months ended September 30, 2012 compared to 10.0% for the same period in 2011. The increase in SG&A expenses primarily resulted from higher marketing and administrative spending. Start-up costs of $0.1 million in 2012 related to the start-up of the second resin-coating line at the Companys New Iberia, Louisiana facility. Start-up costs of $0.1 million in 2011 related to costs associated with the start-up of the fourth production line at the Companys Toomsboro, Georgia facility. Loss on disposal or impairment of assets of $1.5 million in 2011 consists primarily of a $0.9 million impairment of goodwill related to the Companys geotechnical monitoring business and a $0.8 million write-down of a 6% interest in an investment accounted for under the cost method as a result of the sale of the business by majority shareholders.
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