U.S. Silica Holdings Inc. recently announced net income of $2.5 million, or $0.03 per basic and diluted share, for the first quarter ended March 31, compared with a net loss of $11.0 million, or $0.20 per basic and diluted share, for the first quarter of 2016. First quarter results were negatively impacted by $1.5 million in business development-related expenses and $6.3 million in costs related to the restructuring of a vendor contract. Excluding these expenses, net of the $2.9 million tax effect, EPS was $0.09 per basic share for the quarter. 

“I’m very pleased with the strong performances we saw from both of our operating segments during the quarter,” said Bryan Shinn, president and CEO. “Continued industry recovery and powerful secular trends are driving record demand for our products and services in Oil and Gas, while our Industrial and 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.” 

Revenue totaled $244.8 million, compared with $122.5 million for the same period last year, an increase of 100% on a year-over-year basis and an increase of 34% sequentially from the fourth quarter of 2016. 

Overall tons sold totaled 3.4 million, up 49% compared with 2.3 million tons sold in the first quarter of 2016 and an increase of 18% sequentially from the fourth quarter of 2016. 

In the Oil and Gas segment, revenue for the quarter totaled $193.0 million, compared with $73.9 million in the same period in 2016, an increase of 161% on a year-over-year basis and an increase of 41% sequentially from the fourth quarter of 2016. Tons sold totaled 2.5 million, an increase of 79%, compared with the 1.4 million tons sold in the first quarter of 2016 and an increase of 22% sequentially compared with the tons sold in the fourth quarter of 2016. 67% of tons were sold in basin, compared with 75% sold in basin in the fourth quarter of 2016. 

Revenue in the Industrial and Specialty Products segment totaled $51.8 million in the 2017 first quarter, compared with $48.6 million for the same period in 2016, an increase of 7% on a year-over-year basis and an increase of 14% on a sequential basis from the fourth quarter of 2016. Tons sold totaled 0.9 million, relatively flat on a year-over-year basis and an increase of 9% on a sequential basis compared with the fourth quarter of 2016. 

For more information, visit www.ussilica.com.