Fairmount Santrol announced results for the fourth quarter and full year ended Dec. 31, 2014. For the fourth quarter, net income was $37.9 million, or $0.23 per diluted share, compared with net income of $10.7 million, or $0.06 per diluted share, for the same period a year ago. Adjusted earnings per diluted share were $0.24, an increase of 118 percent over adjusted earnings per diluted share of $0.11 for the fourth quarter of 2013.
The increase in earnings was primarily due to a 14 percent increase in raw sand sales volumes and a 44 percent increase in value-added coated product sales volumes. The quarterly and full-year comparisons of net income and earnings per share were impacted by a number of non-operating charges in both periods, which are provided in the accompanying table. Adjusted EBITDA for the fourth quarter was $100.4 million, up 56 percent over fourth-quarter 2013 adjusted EBITDA of $64.1 million.
Fourth-quarter revenue totaled $353.8 million, up 29 percent from $274.5 million for the same period in 2013. The increase in quarterly revenue was primarily due to increased sales volumes and the impact of price increases taken during 2014 in the company's Proppant Solutions segment.
Overall sales volumes increased to 2.5 million tons for the quarter, a 15 percent increase compared with 2.2 million tons in the fourth quarter of 2013. The volume growth was driven by continued proppant demand across all basins.
Compared with the prior-year period, fourth-quarter volumes were favorably impacted by increased unit train shipments, faster throughput at the company's in-basin terminals and improved rail service, all of which led to improved delivery efficiencies for customers.
For full-year 2014, net income was $170.4 million, or $1.03 per diluted share, compared with net income of $104.0 million, or $0.63 per diluted share, for the prior year. Adjusted earnings per diluted share were $1.07, an increase of 43 percent over adjusted earnings per diluted share of $0.75 for 2013.
The increase was driven by the increase in sales volumes for coated products and an increase in sales volumes and selling prices for raw sand, partially offset by higher SG&A costs, including additional costs to support sales and marketing for the Proppant Solutions segment, IPO and public company-related costs, expenditures to enhance the company's logistics capabilities, and costs to support the growth of the business.
Full-year revenue totaled $1.36 billion, up 37 percent from $988.4 million in 2013. Sales volumes totaled 9.6 million tons, a 27 percent increase compared with 7.6 million tons in the prior year.
"We are proud of what we accomplished in 2014, as we continued to build on our strong record of financial performance and unwavering commitment to sustainable development," said Jenniffer Deckard, president and chief executive officer of Fairmount Santrol. "By drawing on the breadth of our product solutions, our fully integrated business model and strong demand in our Proppant Solutions segment, we were able to achieve record levels of revenues, volumes shipped and net income. In addition to the strength of our Proppant Solutions business, our Industrial and Recreational business continued to deliver consistent results. We also strengthened various components of our supply chain and logistics network, which enabled us to deliver more product in-basin with greater efficiency, to the benefit of our customers."