Getting serious....and these guys want to expand into Asia.
U.S. Silica Holdings 2017 Revenue Up 122 Percent
Published: Thursday, 22 February 2018 10:18
U.S. Silica Holdings Inc. fourth-quarter revenue totaled $360.6 million compared with $182.4 million for the same period last year, an increase of 98 percent on a year-over-year basis, and an increase of 5 percent sequentially over the third quarter of 2017. Overall tons sold totaled 4.022 million, up 40 percent compared to 2.872 million tons sold in the fourth quarter of 2016 and relatively flat sequentially with the third quarter of 2017.
Revenue totaled $1.24 billion compared with $559.6 million for the full year of 2016, an increase of 122 percent. Net income of $145.2 million or $1.79 per basic and $1.77 per diluted share compared with net loss of $41.1 million or $(0.63) per basic and diluted share for the full year 2016. Overall tons sold totaled 15.1 million tons compared with 9.9 million tons for the full year 2016.
"We sold a record 3.2 million tons in Oil & Gas during the quarter, with relatively flat total contribution margin dollars sequentially, as we experienced some cost increases and lower Sandbox crew utilization due to a transitory slowdown in customer activity around the holidays and periodic disruptions to our business from the extreme winter weather,'' said Bryan Shinn, president and chief executive officer.
"The Industrial & Specialty Products business continued to outperform the market,'' Shinn noted. "Quarterly contribution margin for ISP of $21.3 million was up 12 percent on a year-over-year basis. We believe the ISP business can continue to grow its bottom line results at multiples of GDP as it benefits from an increasing mix of higher margin products,'' he said.
"Looking back at 2017 in total, I am very pleased with the record results we delivered across the company and the significant progress the U.S. Silica team made toward our stated goal of substantially growing the profitability of our enterprise," Shinn concluded.
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