The company said it expects ceramic proppant sales volume to fall 18% compared to the second quarter when it sold 454 million pounds of ceramic proppant. Carbo Cermaic said that ceramic proppant sales fell in the third quarter as its customers used more sand for fracking.
"We plan to manage the current competitive pricing environment, caused by proppant oversupply, by focusing on sales volumes and introducing new technologies," CEO Gary Kolstad said in a statement.
TheStreet Ratings team rates CARBO CERAMICS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CARBO CERAMICS INC (CRR) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."