U.S. Silica Holdings, Inc. Announces First Quarter 2015 Results
finance.yahoo.com
- First quarter revenue of $204.0 million
- Oil and Gas profitability up year-over-year but down sequentially
- Industrial and Specialty Products profitability up year-over-year and sequentially
- Generated positive operating cash flow in the quarter of $19.8 million
"I am very proud of our performance in the quarter against the backdrop of rapidly falling oil prices and declining rig count. Our results demonstrate the strength of our business model, assets, team and customer base," said Bryan Shinn, president and chief executive officer. "However, given the magnitude of the reduction in drilling and completions activity, we expect that volumes and pricing of frac sand will remain under pressure, resulting in lower profitability in the second quarter. We will continue to work closely with our customers during this energy sector downturn to help them be more competitive and we expect to continue to gain market share," he added. "While we are clearly focused on maximizing near term business results, we are also continuing to focus on our longer term goals. Specifically, we plan to continue to strengthen our position in the oil and gas proppant market, grow and diversify our industrial business and prepare for future growth," Shinn noted. |
