Select Sands Corp announced record operational and financial results for the second quarter of 2018. The company sold a record 164,872 tons of frac and industrial sand, which was significantly higher than Select Sands’ original outlook for the sale of 120,000 to 140,000 tons.
The company also:
• Increased sales volumes and pricing drove revenue to $9.5 million – 68 percent higher than its first quarter 2018 revenue of $5.7 million.
• Enhanced production-related and logistics efficiencies pushed gross profit up 130 percent to $3.0 million from $1.3 million in the first quarter of 2018, with the related margin increasing to 32.1 percent from 23.4 percent in the preceding quarter.
• Reported record net income of $1.6 million in the second quarter of 2018, or $0.02 per basic and diluted common share, versus first-quarter 2018.
Zig Vitols, president and chief executive officer, commented, “We are clearly pleased with our record results for the second quarter. Over the past months, we have put significant effort into further improving the efficiency of our production, shipping and inter-plant transportation capabilities. During the second quarter, this allowed our current scope of operations to fully benefit from the strong customer demand for our products. As in the past, I want to thank all of our employees and supporting contract personnel for their hard-work and dedication. Along with the rest of executive leadership, I look forward to continued close collaboration with our outstanding team as we further position Select Sands for long-term success.”