Ceramic proppant supplier CARBO Ceramics Inc. (CRR) Thursday reported a decline in profit for the third quarter, reflecting a 11% decrease in revenues. Earnings per share, however, beat analysts' estimates by a wide margin.
The company's net income for the latest quarter fell to $14.40 million or $0.62 per share from $18.42 million or $0.75 per share in the prior year.
Income from continuing operations was $14.40 million or $0.62 per share, compared to $15.31 million or $0.62 per share last year. On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share. Analysts' estimates typically exclude special items.
Quarterly revenues plunged to $91.78 million from $102.59 million in the previous year. Four analysts estimated revenues of $69.39 million.
Worldwide proppant sales volume for the quarter was 296 million pounds, down 3% from last year, despite a corresponding 51% drop in the U.S. drilling rig count, the company said.
Gross profit for the most recent quarter was $32.27 million, up from a year ago's $32.14 million. Operating profit for the quarter inched up to $21.42 million from $20.51 million in the preceding year.
In the third quarter of fiscal 2009, the company experienced foreign currency exchange gain of $30 thousand, compared to foreign currency exchange loss of $511 thousand last year.
For the nine-month period, CARBO Ceramics's net income dipped year-over-year to $40.22 million or $1.73 per share from $46.18 million or $1.88 per share. Meanwhile, income from continuing operations climbed to $40.22 million or $1.73 per share from $39.92 million or $1.62 per share in the prior year.
Revenue for the most recent nine-month period plummeted to $251.75 million from $282.25 million on year.
Looking forward, chief executive officer, Gary Kolstad, said, "The acquisition of the Falcon assets in early October is an example of our commitment to invest our cash reserves in high-growth, cash-generating businesses. We expect that the transaction will be accretive to our financial results in 2010."
Shares of CRR closed Wednesday's session at $51.24, down $1.24, on a volume of 485K shares.
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