Carbo Ceramics Sees At Least 60% Revenue Growth In FY17 - Quick Facts

(RTTNews) - Carbo Ceramics Inc. (CRR) Thursday said it now believes revenue growth in 2017 will be at least a 60% increase over 2016.

CEO Gary Kolstad said, "We continue to execute on our strategy to drive both revenue growth and profitability improvement.... We anticipate technology products, industrial ceramic products and mineral processing opportunities to lead our revenue growth and return to profitability.."

Further, the company said it is optimistic about oilfield business for the second half of 2017, although the commodity price environment remains tenuous in the oil and gas industry.

Technology product sales are tracking as expected and existing second half of 2017 opportunities are strong compared to the first half of 2017.

The company said it expects the base ceramic business to see higher volumes in the second half as compared to the first half of 2017.

Kolstad added, "Given the sequential improvement in EBITDA in the second quarter of 2017, our expected revenue increases and benefits from fixed cost reductions, we believe our second half of 2017 cash burn and EBITDA should improve. We are focused on returning CARBO to profitability, and believe our strategy to reduce reliance on any single business line will make us a stronger company in the future."