U.S. Silica Holdings Inc. announced net income of $2.4 million or $0.05 per basic share and $0.04 per diluted share for the third quarter ended Sept. 30, 2015, compared with net income of $41.3 million or $0.77 per basic share and $0.76 per diluted share for the third quarter of 2014.
Revenue totaled $155.4 million compared with $241.3 million for the same period last year, a decrease of 36 percent on a year-over-year basis and an increase of 5 percent sequentially from the second quarter of 2015.
Overall tons sold totaled 2.6 million, down 12 percent compared with 3.0 million tons sold in the third quarter of 2014 and an increase of 16 percent sequentially from the second quarter of 2015.
''We took decisive actions during the quarter to profitably sell higher volume in our Oil and Gas business and take share,'' said Bryan Shinn, president and chief executive officer. However, he cautioned that "we expect to see a decline sequentially in volumes and margins in our Oil and Gas business as drilling and completion activity is expected to slow down significantly in the fourth quarter."
Commenting on the industrial and specialty products segment, Shinn said, "ISP had a record quarter for contribution margin as it continues to benefit from strong end markets like building products and automotive and the introduction of new, higher-margin products. Our industrial business is on track for possibly the best year in its 115-year history and is a testament to the strength of our corporate model, with two complementary business units, which serves us well through a wide variety of economic cycles and market conditions,'' he added