July 31 U.S. Silica Holdings Inc's
second-quarter profit tripled, boosted by demand for proppants,
which are used by the oil and gas industry in an exploration
method called hydraulic fracturing.
The No. 2 U.S. commercial silica maker, however, cut the top
end of its full-year revenue outlook by $5 million. It now
expects revenue in the range of $395-$415 million.
Net income rose to $19.5 million, or 36 cents per share, in
the quarter ended June 30, from $6.4 million, or 13 cents per
share, a year earlier.
Revenue jumped 41 percent $104.6 million, while oil and gas
revenue more than doubled.
U.S. Silica's shares, which have lost about 40 percent since
the company went public earlier this year, closed at $9.54 on
Monday on the New York Stock Exchange.