UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) April 30, 2015
CARBO Ceramics Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
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001-15903 |
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72-1100013 |
(Commission
File Number) |
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(IRS Employer
Identification No.) |
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575 North Dairy Ashford, Suite 300
Houston, Texas |
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77079 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(281) 921-6400
(Registrants Telephone Number, Including Area Code)
Not Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
The following information, including the Exhibit to this Form 8-K, is being furnished pursuant to Item 2.02 Results of Operations
and Financial Condition of Form 8-K. This information is not deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act of 1933 registration
statements.
On April 30, 2015, CARBO Ceramics Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1,
announcing first quarter 2015 earnings.
Item 9.01. Financial Statements and Exhibits.
Pursuant to General Instruction B.2 of Form 8-K, the following exhibit is furnished
with this Form 8-K.
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99.1 |
Press Release, dated April 30, 2015. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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CARBO CERAMICS INC. |
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Date: April 30, 2015 |
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By: |
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/s/ Ernesto Bautista III |
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Ernesto Bautista III |
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Vice President and |
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Chief Financial Officer |
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EXHIBIT INDEX
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Exhibit No. |
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Description |
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99.1 |
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Press Release, dated April 30, 2015. |
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Exhibit 99.1 |
NEWS RELEASE
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CONTACT: |
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MARK THOMAS
DIRECTOR OF INVESTOR RELATIONS (281)
921-6400 |
Release #15-06
CARBO ANNOUNCES FIRST QUARTER 2015 RESULTS
Conference Call Scheduled for Today, 10:30 a.m. Central Time
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Quarterly revenues of $73.7 million compared to $148.6 million in the first quarter of the prior year. |
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GAAP net loss of $28.6 million, or a loss of $1.24 per share. |
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This net loss includes $16.7 million, or $0.73 per share in miscellaneous after-tax charges and $5.5 million, or $0.24 per share of after-tax costs associated with slowing and idling production; in aggregate, of the
$22.2 million in after-tax charges and other production costs, $15.2 million were non-cash related. |
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Cash preservation and cost reduction initiatives yielding positive results. |
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KRYPTOSPHERE HD scheduled for critical lower tertiary well in Gulf of Mexico in the second quarter. The job will also include a new product, KRYPTOSPHERE SCALEGUARD. |
HOUSTON, TX (April 30, 2015) CARBO Ceramics Inc. (NYSE: CRR) today reported a GAAP net loss of $28.6 million, or a loss of $1.24 per share, on
revenues of $73.7 million for the quarter ended March 31, 2015. This net loss includes $16.7 million, or $0.73 per share in miscellaneous after-tax charges and $5.5 million, or $0.24 per share of after-tax costs associated with slowing and
idling production. Of the $22.2 million in after-tax charges and other production costs, $15.2 million were non-cash related.
CEO Gary Kolstad commented,
Industry activity witnessed a significant and severe contraction during the first quarter of 2015. As previously discussed, we expected our ceramic sales volumes to be impacted greater than the decline in the U.S. rig count, which fell
approximately 45 percent by the end of the first quarter compared to the average for the fourth quarter of 2014. With visibility limited as to the duration and magnitude of this down-cycle, we aggressively implemented a number of initiatives to
preserve cash, lower costs, and maintain financial flexibility. Many of these initiatives burdened the income statement; however, we believe they are prudent measures to take in this market environment.
The cash preservation and cost reduction initiatives that we executed during the quarter included reducing our workforce across the organization,
mothballing our plant in McIntyre, Georgia, moving forward with mothballing our plant in Luoyang, China, slowing down and idling other domestic manufacturing facilities, limiting capital expenditures and reducing the dividend. In addition, we
continued to work with our suppliers to reduce costs.
All of these initiatives will help us manage through this down-cycle, while maintaining our
long-term strategy of building the leading production enhancement technology company in the oil and gas services sector.
Our management team has
been through these down-cycles several times before; we know what needs to be done, and our execution on these initiatives is proceeding well.
CARBO Ceramics First Quarter 2015 Earnings Release
April 30, 2015
Page
2
Down-cycles can overshadow bright spots that exist in our business. For example, we are very pleased
with the growth in demand for KRYPTOSPHERE® proppant by E&P operators for their critical wells in the Gulf of Mexico. KRYPTOSPHERE protects their large investments by helping them build
the best producing frac they can, with proppant that will last the life of the well.
Our multi-year development has led to our highest technology
and the highest conductivity proppant ever made. We are also making significant progress in further advancing the KRYPTOSPHERE family of proppants with the development of a medium density KRYPTOSPHERE, as well as the introduction of KRYPTOSPHERE
SCALEGUARD®, a scale inhibiting proppant.
While it is a difficult time in the industry,
our Design, Build, and Optimize the Frac® technology businesses, including FRACPRO® and STRATAGEN®, bring important value to E&P operators to increase well production and estimated ultimate recovery (EUR).
We believe our technology offers E&P operators two clear value propositions in this lower oil and gas price environment. The first is lower
Finding & Development (F&D) costs, due to building more efficient fracs that increase production and EUR; and, the second is lower Lease Operating Expenses (LOE), by incorporating our technologies such as SCALEGUARD which reduces costly
work-overs and lost production. Technology is what separates us from our competitors, Mr. Kolstad said.
Natural Gas Contracts
The Company has historically entered into natural gas contracts to supply its domestic manufacturing facilities. These contracts call for taking
physical delivery of the natural gas as the contracts come to term. Given the mothballing, slowing and idling of its domestic facilities during the first quarter, the Company was unable to consume all of the natural gas for which it was contracted.
As a result, the relevant contracts will now be accounted for as derivative instruments and will be revalued on a periodic basis. The impact of this change and the Companys cash preservation initiatives on the income statement during the first
quarter of 2015 are further detailed in the First Quarter Results below.
First Quarter Results
Revenues for the first quarter of 2015 decreased 50 percent, or $74.8 million, compared to the first quarter of 2014. The decrease was mainly attributable to a
decrease in ceramic proppant and resin coated sand sales volumes, partially offset by an increase in Northern White Sand sales volumes, as specified in the Proppant Sales Volumes table below.
Operating loss for the first quarter of 2015 was $42.5 million compared to an operating profit of $27.4 million in the first quarter of 2014. The decrease was
mainly attributable to the decrease in ceramic proppant sales volumes and a decrease in average proppant selling price. In addition, the Company recorded a $12.5 million loss on derivative instruments, and based on manufacturing accounting
guidelines, the Company expensed $8.4 million in unabsorbed production costs as a result of low production levels and idled facilities. Operating loss was further impacted by $6.0 million in severance costs and a $4.4 million adjustment in cost of
sales to reduce the value of certain inventory down to lower market prices. These miscellaneous charges and other production costs are presented in the tables below.
Net loss for the first quarter of 2015 was $28.6 million, compared to net income of $18.4 million in the first quarter of 2014.
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Proppant Sales Volumes (in million
lbs) |
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Three Months Ended March 31, 2015 |
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Three Months Ended March 31, 2014 |
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Ceramic |
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177 |
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373 |
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Resin Coated Sand (RCS) |
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9 |
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48 |
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Northern White Sand |
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343 |
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157 |
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Total |
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529 |
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578 |
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CARBO Ceramics First Quarter 2015 Earnings Release
April 30, 2015
Page
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Summary of Miscellaneous Charges and Other Production Costs
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Miscellaneous Charges (In thousands) |
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Three Months Ended March 31, 2015 |
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Three Months Ended March 31, 2014 |
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Non-cash Loss on Derivative Instruments |
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$ |
12,547 |
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$ |
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Severance |
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5,955 |
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Non-cash Inventory Write Down |
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4,372 |
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Tax effect of miscellaneous charges |
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(6,167 |
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Total |
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$ |
16,707 |
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$ |
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Other Production Costs (In thousands) |
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Three Months Ended March 31, 2015 |
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Three Months Ended March 31, 2014 |
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Slowing and idling production |
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$ |
8,421 |
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$ |
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Tax effect of other production costs |
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(2,947 |
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Total |
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$ |
5,474 |
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$ |
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Technology and Business Highlights
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SCALEGUARD continues to build on its success. During the quarter, the proppant-delivered scale inhibiting technology was successfully pumped in hydraulic fracturing operations for new operators in Alaska, the
Bakken and South Texas. |
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Field trials began on another proppant-delivered technology. This prospective addition to the GUARD Production Assurance technology platform was pumped into several wells and will be monitored against offset wells
for performance variations over the next quarter. Additional field trials are expected to take place during the second quarter of 2015. |
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In the Permian, a new CARBONRT® inert tracer was used by a large independent operator to determine proppant placement and propped fracture height. The new
CARBONRT product is manufactured with a higher tracer concentration. This modified CARBONRT inert tracer can be mixed with other proppant, including sand, thereby expanding its market application. |
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In April, a field trial was initiated with a major operator on a new technology solution for water injector pressure maintenance that leads to significantly higher production rates, increased recovery and longer
production lives in mature, depleted fields. This new solution will have global application, particularly in brownfield offshore markets including the Gulf of Mexico, North Sea, Caspian, West Africa and Latin America. The field trial incorporated
CARBOBONDLITE with CARBONRT in a frac & pack. |
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In the Permian, operators in the 2nd Bone Springs formation are realizing approximately 100 percent higher rates normalized on lateral length, compared to published
averages in the area, by employing the integrated technologies of the Design, Build, and Optimize the Frac platform. CARBO initiated several projects to improve frac efficiency. In a number of these projects, historical frac
design focused on contact area at the exclusion of conductivity, and subsequent well production indicated sub-optimum return-on-investment. The frac design was modified for more conductivity and employed high-quality CARBO
ceramic proppant. |
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Several clients in a major North American unconventional reservoir have implemented the Design, Build and Optimize the Frac platform to
complete multiple wells in a more efficient manner. In this workflow, STRATAGEN consultants utilize FRACPRO stimulation software and reservoir modeling to design well completions with 100 percent CARBO ceramic proppant versus previous designs
using 100 percent sand, but at significantly lower proppant volumes of ceramic. The results show the |
CARBO Ceramics First Quarter 2015 Earnings Release
April 30, 2015
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increased efficiency of the ceramic proppant allows for improved production at the same, or even lower overall stimulation cost. This approach also reduces environmental impact, water usage,
trucking shipments and stimulation horsepower. Preliminary results are encouraging and have led to transferring the approach to other major unconventional basins. |
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During the quarter, a new version of FRACPRO software was released. The latest release has an improved interface and functionality that provide users with superior navigation, enhanced graphics and several new
modelling options. The 3D reservoir viewer has been upgraded to display microseismic data and has much easier pan, zoom and tilt functions. Users can now model multiple wellbores and zipper frac operations from within a single INP
file. This allows all fractures in a field or from a pad location to be displayed together, and for interference calculations to be run simultaneously between the wells. |
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Falcon Technologies® is realizing the benefits from establishing a distribution network for its TANKGUARDTM
tank bases, ePads and pre-sprayed composite lines (PCL) products. During the first quarter, TANKGUARD sales have increased substantially over the same quarter in 2014. |
Outlook
CEO Gary Kolstad commented on the outlook
for CARBO stating, The industry will eventually recover however, the timing and magnitude of this recovery is uncertain. The typical cost-cutting reaction by E&P operators is underway, as evidenced by the sharp reduction in industry
activity during the first quarter of 2015. We are seeing two cost reduction actions by E&P operators that negatively impact our business. First, some wells are drilled but not completed and second, some wells are completed with low conductivity
proppant.
The impact on the entire ceramic proppant industry has been severe, leading other domestic proppant suppliers to make similar decisions
to mothball and idle ceramic proppant manufacturing capacity. While imports have declined significantly compared to the fourth quarter of 2014, inventory levels of low quality imported ceramic proppant still remain a factor in causing the intense
price competition that we are currently experiencing. Our position as a low-cost, highest quality producer affords us an advantage over low quality imported ceramic proppant. This advantage should aid us in our domestic ceramic proppant market share
as we focus on sales volume.
As a best-in-class technology-oriented company, we have to look beyond these down-cycles and develop technologies that
continue to differentiate CARBO. A number of field trials under our proppant-delivered platformsProduction Assurance, Flow Enhancement and Fracture Evaluation services - were completed in the first quarter with positive initial feedback from
clients. We expect further field trials throughout the year, with the potential to commercialize some of these products as early as the second quarter of 2015. In addition, SCALEGUARD, a scale-inhibiting ceramic proppant, continues to see adoption
by new clients as well as geographic growth across North America basins.
With respect to our KRYPTOSPHERE proppant technology, a large KRYPTOSPHERE
HD job is scheduled to be pumped during the second quarter in a critical Lower Tertiary / Paleogene well in the Gulf of Mexico. This job will also incorporate KRYPTOSPHERE SCALEGUARD technology. We expect this work to be followed by other wells in
the subsequent quarters.
We are also excited about the development of our medium density KRYPTOSPHERE. This meets client needs for a lower density
proppant than KRYPTOSPHERE HD, yet has the same technology and similar conductivity in these high stress wells. In the third quarter, we expect to complete the retrofit of an existing plant to the new KRYPTOSPHERE process to increase our
manufacturing capacity of these products.
FRACPRO and STRATAGEN continue to be important technology businesses for us, and are successfully
navigating the downturn. Falcon Technologies, our environmental business, continues to make progress in becoming more of a product manufacturing business as shown by growth in client base and sales.
CARBO Ceramics First Quarter 2015 Earnings Release
April 30, 2015
Page
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Our production enhancement technologies, specifically KRYPTOSPHERE and our proppant-delivered products
such as SCALEGUARD, will help differentiate CARBO within the industry as well as increase revenues derived from technology-based sales in the future. We expect growth of these technologies through this depressed period as the improvement in well
production and decrease in LOE for E&Ps can be significant. Despite current market conditions, we will not lose sight of our long-term strategy on developing superior production enhancement technologies.
With the industry focus primarily on cost reduction, near term visibility for ceramic proppant demand is limited. We will manage through this down-cycle
with a focus on cash preservation and cost reduction to provide financial flexibility. This strategy includes idling capacity to further reduce inventory levels, and thus we expect further under-absorption and idling costs to impact our financials
in the second quarter of 2015. In addition, we have begun conversations with our lender about possible adjustments to the covenants and other terms and conditions of our credit facility to give us additional flexibility during this down-cycle.
Our focus on cash preservation has yielded positive results. The combination of initiatives we executed in the first quarter, along with the expectation
for reduced capital expenditures for the balance of the year, gives us confidence that our balance sheet will remain strong, Mr. Kolstad concluded.
Conference Call
As previously announced, a
conference call to discuss CARBOs first quarter results is scheduled for today at 10:30 a.m. Central Time (11:30 a.m. Eastern). Due to historical high call volume, CARBO is offering participants the opportunity to register in advance for the
conference by accessing the following website:
http://dpregister.com/10061821
Registered participants will immediately receive an email with a calendar reminder and a dial-in number and PIN that will allow them immediate access to the
call.
Participants who do not wish to pre-register for the call may dial in using (877) 232-2832 (for U.S. and Canadian callers) or
(412) 542-4138 (for locations outside North America) and ask for the CARBO Ceramics call. The conference call also can be accessed through CARBOs website, www.carboceramics.com.
A telephonic replay of the earnings conference call will be available through May 30, 2015 at 9:00 a.m. Eastern Time. To access the replay from the U.S.
and Canada, please dial 1-877-344-7529; international callers outside North America should dial 1-412-317-0088. Please reference conference number 10061821. Interested parties may also access the archived webcast of the earnings teleconference
through CARBOs website approximately two hours after the end of the call.
CARBO is an oilfield services technology company providing
industry-leading products and services for:
Production Enhancement
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Our Production Enhancement businesses increase E&P Operators Production and EUR
by providing industry leading technology to Design, Build, and Optimize the FracTM |
Environmental Services
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Our Environmental business protects E&P Operators assets, minimizes environmental risk, and lowers lease operating expenses (LOE) |
CARBO Ceramics First Quarter 2015 Earnings Release
April 30, 2015
Page
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Forward-Looking Statements
The statements in this news release that are not historical statements, including statements regarding our future financial and operating performance, are
forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based on managements current expectations and estimates, which
involve risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements. Among these factors are changes in overall economic conditions, changes in the demand for, or price of, oil and
natural gas, changes in the cost of raw materials and natural gas used in manufacturing our products, risks related to our ability to access needed cash and capital, our ability to meet our current and future debt service obligations, including our
ability to maintain compliance with our debt covenants, our ability to manage distribution costs effectively, changes in demand and prices charged for our products, risks of increased competition, technological, manufacturing, distribution and
product development risks, our dependence on and loss of key customers, changes in foreign and domestic government regulations, including environmental restrictions on operations and regulation on hydraulic fracturing, changes in foreign and
domestic political and legislative risks, the risks of war and international and domestic terrorism, risks associated with foreign operations and foreign currency exchange rates and controls, weather-related risks and other risks and uncertainties
described in our publicly available filings with the Securities and Exchange Commission. We assume no obligation to update forward-looking statements, except as required by law.
-tables follow-
CARBO Ceramics First Quarter 2015 Earnings Release
April 30, 2015
Page
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Three Months Ended March 31 |
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2015 |
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2014 |
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(In thousands except per share data) |
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Revenues |
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$ |
73,747 |
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$ |
148,564 |
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Cost of sales |
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99,745 |
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104,200 |
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Gross (loss) profit |
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(25,998 |
) |
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44,364 |
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SG&A and other operating expenses |
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16,515 |
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16,953 |
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Operating (loss) profit |
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(42,513 |
) |
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27,411 |
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Other (expense) income, net |
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(131 |
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92 |
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(Loss) income before income taxes |
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(42,644 |
) |
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27,503 |
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Income tax (benefit) expense |
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(14,042 |
) |
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9,076 |
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Net (loss) income |
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$ |
(28,602 |
) |
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$ |
18,427 |
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(Loss) earnings per share: |
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Basic |
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$ |
(1.24 |
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$ |
0.80 |
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Diluted |
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$ |
(1.24 |
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$ |
0.80 |
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Average shares outstanding: |
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Basic |
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22,975 |
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22,948 |
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Diluted |
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22,975 |
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22,948 |
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Depreciation and amortization |
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$ |
12,994 |
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$ |
11,803 |
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Supplemental Income Statement
(Break-out of miscellaneous charges and other production costs)
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Three Months Ended March 31 |
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2015 |
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2014 |
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(In thousands ) |
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Revenues |
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$ |
73,747 |
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$ |
148,564 |
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Cost of sales |
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69,770 |
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104,200 |
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Slowing and idling production |
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8,421 |
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Loss on derivative instruments |
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12,547 |
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Severance |
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4,635 |
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Inventory write down |
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4,372 |
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Gross (loss) profit |
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(25,998 |
) |
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44,364 |
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SG&A and other operating expenses |
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15,195 |
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16,953 |
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Severance |
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1,320 |
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Operating (loss) profit |
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(42,513 |
) |
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27,411 |
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Other (expense) income, net |
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(131 |
) |
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92 |
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(Loss) income before income taxes |
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(42,644 |
) |
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27,503 |
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Income tax (benefit) expense |
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(14,042 |
) |
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9,076 |
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Net (loss) income |
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$ |
(28,602 |
) |
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$ |
18,427 |
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CARBO Ceramics First Quarter 2015 Earnings Release
April 30, 2015
Page
8
Balance Sheet Information
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March 31, 2015 |
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December 31, 2014 |
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(In thousands) |
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Assets |
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Cash and cash equivalents |
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$ |
96,143 |
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$ |
24,298 |
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Deferred income taxes |
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26,271 |
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11,348 |
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Other current assets |
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205,171 |
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301,965 |
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Property, plant and equipment, net |
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575,478 |
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568,716 |
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Goodwill |
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12,164 |
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12,164 |
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Intangible and other assets, net |
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24,286 |
|
|
|
15,735 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
939,513 |
|
|
$ |
934,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders Equity |
|
|
|
|
|
|
|
|
Bank borrowings |
|
$ |
75,000 |
|
|
$ |
25,000 |
|
Derivative instruments (current) |
|
|
6,759 |
|
|
|
|
|
Other current liabilities |
|
|
33,199 |
|
|
|
52,415 |
|
Deferred income taxes |
|
|
81,631 |
|
|
|
80,754 |
|
Derivative instruments (long-term) |
|
|
5,788 |
|
|
|
|
|
Shareholders equity |
|
|
737,136 |
|
|
|
776,057 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders equity |
|
$ |
939,513 |
|
|
$ |
934,226 |
|
|
|
|
|
|
|
|
|
|
CARBO Ceramics (NYSE:CRR)
Historical Stock Chart
From Jun 2024 to Jul 2024
CARBO Ceramics (NYSE:CRR)
Historical Stock Chart
From Jul 2023 to Jul 2024