Carbo Ceramics Sales And Profits Surge (CRR)

Houston, Texas-based Carbo Ceramics, Inc. CRR released financial results on Thursday morning that beat Wall Street estimates. Carbo Ceramics, Inc announced that its 4th quarter $20.8 million, or 90 cent per share, up from $12.6 million, or 55 cents per share, a year earlier. Carbo Ceramics, Inc. reported revenue of $119.58 million, up 33%from $90.13 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 79 cents per share, on revenue of $112.2 million. CEO Gary said, "Industry activity levels remain high, even with the economic challenges of low natural gas prices. We continue to see a shift in activity to oily, liquid-rich plays which gives us confidence that the operating environment for our proppant business will remain favorable as we move through 2011." Carbo Ceramics, Inc. (CRR) finished the previous trading day at $103.76 per share. The consensus price target of analysts covering the company's stock is $99.50 per share. Carbo Ceramics, Inc is the world's largest supplier of ceramic proppant for fracturing oil and gas wells; the provider of the industry's most popular fracture simulation software; and a provider of fracture design and consulting services. The company also provides a broad range of technologies for spill prevention, containment and countermeasures, along with geotechnical monitoring. Read more from Benzinga's Company news.