Carbo Ceramics (CRR) Misses Q3 EPS by 116c

Carbo Ceramics (NYSE: CRR) reported Q3 EPS of ($1.97), $1.16 worse than the analyst estimate of ($0.81). Revenue for the quarter came in at $50.2 million versus the consensus estimate of $46.96 million.

• Revenue for the third quarter of 2017 of $50.2 million, an increase of 148% year-over-year and 15% sequentially.
• Year-to-date 2017 revenue up 74% compared to the same period in 2016.
• Cash levels increased sequentially from $50.6 million to $77.9 million.
• Continued to improve net cash used in operating activities throughout 2017, $19.1 million, $15.8 million and $5.2 million in Q1\'17, Q2\'17 and Q3\'17, respectively.
• Ceramic technology product sales in both our oilfield and industrial businesses continue to experience solid growth. Continued progress in reducing structural costs; lowered distribution costs approximately $9 million on an annualized basis in 2017.
• Proactively sold slow moving base ceramic products that are no longer inventoried, which benefited cash generation and will lower future distribution center costs. These sales negatively impacted EBITDA during the quarter due to incentivized pricing.
• Expecting sequential increase in both revenue and operating cash flow for the fourth quarter of 2017.

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

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