FREDERICK, MD — U.S. Silica Holdings Inc., a Maryland-based silica and sand supplier, reported earnings of $2.5 million, or 3 cents per diluted share, for the first quarter after reporting a loss in the same quarter a year ago.
U.S. Silica Holdings 77 percent increase in this quarter’s net income follows a net loss of $11 million in the first quarter of 2016. Business development expenses of $1.5 million and the $6.3 million cost of restructuring a vendor contract negatively affected the 2016 first quarter earnings.
U.S. Silica Holdings earnings were above analyst estimates for the first quarter. Excluding restructuring charges, the company earned 9 cents a share, above expectations of earnings of 6 cents per share.
Revenue increased 100 percent to $244.8 million from $122.5 million from the same quarter last year.
The increase in revenue is due to high record demand for oil and gas, a business that reported 2.5 million in tons sold and $193 million in revenue.
“Specialty Products segment continues to make great progress in growing its bottom line through a combination of strategic price increases and the roll out of more higher margin products,” said Chief Executive Officer Bryan Shinn in a statement.
The company’s projections for 2017 capital expenditures are $125 million to $150 million.
U.S. Silica’s shares closed at $42.54, a 2.4 percent , for Tuesday.
The filing can be found here.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism