U.S. Silica (SLCA) Q1 Loss Lower Than Expected, Sales Trail
Zacks Investment Research | May 01, 2016 10:35PM ET
U.S. Silica Holdings, Inc. (NYSE:SLCA) recorded a net loss of $10.7 million or 20 cents per share in the first quarter of 2016 against a net income of $14.8 million or 28 cents per share in the year-ago quarter. Results were hurt by lower volumes as well as prices in the Oil and Gas segment, as the market turned increasingly competitive.
Barring one-time restructuring cost of $2.2 million and a $1.5 million insurance settlement gain, U.S. Silica’s adjusted loss came in at 19 cents per share in the quarter. Analysts polled by Zacks had expected a loss of 28 cents on an average and the results provided a positive surprise of 32.14%.
Revenues plunged around 40% year over year to $122.5 million in the reported quarter. The figure missed the Zacks Consensus Estimate of $125 million. The top line was adversely impacted by lower sales volumes coupled with reduced oil prices. Overall sales volume fell 15% year over year in the quarter to 2.3 million tons.
U.S. Silica’s shares rose 5.8% to close at $26.59 last Wednesday.
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