-=Carbo Ceramics (CRR) reported earnings on Mon 11 Nov 19 (b/o)
Basic Materials | Oil & Gas Equipment & Services | USA
Carbo Ceramics reports Q3 (Sep) results, misses on revs; anticipates cash will be sufficient for at least one year
Reports Q3 (Sep) loss of $1.03 per share, may not be comparable to the S&P Capital IQ Consensus of ($0.50); revenues fell 19.1% year/year to $43.5 mln vs the $45.88 mln S&P Capital IQ Consensus.
Subsequent to September 30, 2019, the co was notified that its largest frac sand client intends to discontinue purchases of frac sand under its existing contract. Given the existing N Am oilfield market headwinds, expectations for these headwinds to continue into 2020, and the loss of revenues associated with this sand contract, there is an elevated risk associated with meeting its existing financial forecast and the co may ultimately conclude it is unable to continue as a going concern in a future period. To mitigate this risk, the co intends to pursue the liquidity-enhancing strategies.