October 23, 2018 / 10:09 AM / a month ago

Frac sand producer U.S. Silica reports 85 pct fall in profit

Oct 23 (Reuters) - U.S. Silica Holdings Inc, a supplier of frac sand used in extracting oil from shale fields, reported a 85 percent fall in quarterly profit on Tuesday, hit by higher merger and acquisition-related expenses.

The company’s net income fell to $6.3 million, or 8 cents per share, in the third-quarter ended Sept. 30, from $41.3 million, or 50 cents per share, a year earlier.

Total sales rose to $423.2 million from $345 million. (Reporting by Shanti S Nair in Bengaluru; Editing by Shailesh Kuber)

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