Carbo Ceramics (CRR) Gains After Posting Smaller Q2 Loss

Before the open, Carbo Ceramics (NYSE: CRR) reported Q2 EPS of ($0.88), $0.01 better than the analyst estimate of ($0.89). Revenue for the quarter came in at $20.65 million versus the consensus estimate of $24.7 million.

Shares are up 6.5%.

CEO Gary Kolstad commented, "The operating environment within the oil and gas industry remained extremely challenging in the second quarter of 2016. The North American rig count declined 35% sequentially. However, we believe the second quarter likely marked the bottom for activity levels as both oil and natural gas commodity prices and the North American rig count started to recover. Sales volumes began to improve as the quarter progressed. In addition, with the increasing commodity prices, we have received increasing customer inquiries about procuring ceramic proppant for completions in the second half of 2016.

"We remain committed to developing industry-leading fracture technologies that increase well production and estimated ultimate recovery (EUR). As the industry recovers, we believe that E&P operators will be even more receptive to technology that lowers their cost per Barrel of Oil Equivalent (BOE).

For earnings history and earnings-related data on Carbo Ceramics (CRR) click here.

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