Covia Holdings Corporation (CVIA) Misses Q1 EPS by 5c, Revenues Miss

Covia Holdings Corporation (NYSE: CVIA) reported Q1 EPS of ($0.40), $0.05 worse than the analyst estimate of ($0.35). Revenue for the quarter came in at $428.2 million versus the consensus estimate of $440.63 million.

Covia separately announced today that it has appointed Richard Navarre, Chairman of the Company’s Board of Directors, as Interim President and Chief Executive Officer.

Richard Navarre, Chairman and Interim President and Chief Executive Officer, said, “It is a great honor and privilege to accept this role and lead an organization with such talented people. Combined with our strong asset base and customer relationships, I am confident that we will accelerate our strategy to optimize the performance of our assets, maximize free cash flow and reduce debt over the next several quarters.”

Mr. Navarre continued, “Our first quarter results were in line with what we had communicated on our last call, however, I am confident that by leveraging our core strengths and executing on our strategy, we can achieve more. We are encouraged by the positive momentum as we exited the quarter with an improved cost position, improved pricing for Northern White Sand and stronger volumes. These factors, combined with our growing local sand volumes, seasonal growth in our Industrial segment and intense focus on optimizing the performance of our assets, are expected to be catalysts for improved second quarter results.”

Outlook

The Company reaffirmed its previously provided second quarter and full year outlook.

Second quarter 2019 expectations are:

• Industrial volumes of 3.8 million tons.
• Energy volumes of 5.0 million to 5.3 million tons.

Full year 2019 expectations are:

• 2019 selling, general and administrative expenses of $160 million to $170 million, which includes approximately $10 million in non-cash stock compensation.
• 2019 capital expenditures are expected to be in the range of $80 million to $100 million.

For earnings history and earnings-related data on Covia Holdings Corporation (CVIA) click here.

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