U.S. Silica (SLCA) Tops Q1 EPS by 4c, Revenues Beat

U.S. Silica (NYSE: SLCA) reported Q1 EPS of ($0.08), $0.04 better than the analyst estimate of ($0.12). Revenue for the quarter came in at $378.7 million versus the consensus estimate of $354.76 million.

"We're off to a strong start to 2019, driven by record results from our Sandbox unit, a solid quarter from our Industrial business and better than expected results from our Oil and Gas sand business, as we saw a resurgence in both volumes and pricing for Northern White sand that has continued into the second quarter,'' said Bryan Shinn, president and chief executive officer.

First Quarter 2019 Highlights

Total Company

• Revenue of $378.7 million for the first quarter of 2019 compared with $357.4 million in the fourth quarter of 2018, up 6% sequentially and 3% over the first quarter of 2018.
• Overall tons sold of 4.830 million for the first quarter of 2019 compared with 4.637 million tons sold in the fourth quarter of 2018, up 4% sequentially and 17% over the first quarter of 2018.
• Contribution margin of $103.1 million for the first quarter of 2019 compared with $98.8 million in the fourth quarter of 2018, up 4% sequentially and down 14% over the first quarter of 2018.
• Adjusted EBITDA of $68.8 million for the first quarter of 2019 compared with $68.0 million in the fourth quarter of 2018, up 1% sequentially and down 28% from the first quarter of 2018.

Industrial and Specialty Products

• Revenue of $118.3 million for the first quarter of 2019 compared with $113.8 million in the fourth quarter of 2018, up 4% sequentially and up 110% over the first quarter of 2018.
• Tons sold totaled 0.966 million for the first quarter of 2019 compared with 0.933 million tons sold in the fourth quarter of 2018, up 4% sequentially and 10% over the first quarter of 2018.
• Segment contribution margin of $44.6 million, or $46.12 per ton, for the first quarter of 2019 compared with $44.6 million in the fourth quarter of 2018, flat sequentially and up 117% over the first quarter of 2018.

Oil & Gas

• Revenue of $260.5 million for the first quarter of 2019 compared with $243.5 million in the fourth quarter of 2018, up 7% sequentially and down 17% over the first quarter of 2018.
• Tons sold of 3.864 million for the first quarter of 2019 compared with 3.704 million tons sold in the fourth quarter of 2018, up 4% sequentially and 19% over the first quarter of 2018.
• Segment contribution margin of $58.6 million, or $15.16 per ton, for the first quarter of 2019 compared with $54.3 million in the fourth quarter of 2018, up 8% sequentially and down 41% from the first quarter of 2018.

For earnings history and earnings-related data on U.S. Silica (SLCA) click here.

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