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U.S. Silica profit rises on demand from oil and gas cos
July 31, 2012 / 1:10 PM / 5 years ago

U.S. Silica profit rises on demand from oil and gas cos

July 31 (Reuters) - 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.

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