Hi-Crush's (HCR) Earnings And Sales Surpass Estimates In Q3
Zacks Investment Research | Nov 05, 2019 09:50PM ET
Hi-Crush Inc. (NYSE:HCR) posted net loss of $268.5 million or $2.67 cents per share in third-quarter 2019 against net income of $27.1 million or 29 cents in the year-ago quarter.
Barring one-time items, adjusted loss per share was 3 cents, which was narrower than the Zacks Consensus Estimate of a loss of 6 cents.
Revenues declined 19.2% year over year to $173 million. However, the figure beat the Zacks Consensus Estimate of $166.4 million.
Total frac sand sold during the quarter was 2,685,736 tons, down 3.2% year over year. Total sales from frac sand fell 9.3% sequentially to $114.2 million in the third quarter.
Contribution margin per ton sold tumbled 54.1% year over year to $10.99 and fell 20.4% sequentially in the third quarter. Average sales price was $43 per ton in the third quarter, down 8.5% sequentially.
Per the company, market conditions softened for frac sand late in the third quarter. This was driven by persistent oversupply as well as further declines in activity, which led to lower pricing and profitability.
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