U.S. Silica Holdings Revenue Jumps 19%
U.S. Silica Holdings Inc. recently announced net income of $17.3 million for the first quarter ended March 31, 2013, compared with net income of $19.1 million for the same period in 2012. Revenue totaled $122.3 million, up 19.2% compared with $102.6 million for the same period in 2012. The increase was reportedly driven primarily by strength in the Oil and Gas Proppants segment. Overall sales volumes increased to 1.9 million tons, an increase of 8.2% over the first quarter of 2012.
“The first quarter of 2013 was very strong for our company as we posted record revenue, driven by our strong performance in oil and gas,” said Bryan A. Shinn, president and CEO. “We believe that drilling and efficiency improvements in hydraulic fracturing will drive increased demand in oil and gas, and we expect to grow market share in a growing market.”
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