U.S. Silica Holdings Inc. reported a net loss of $292.9 million, or $3.99 per basic and diluted share, for the fourth quarter ended Dec. 31, 2019, compared with a net loss of $256.1 million, or $3.44 per basic and diluted share, for the fourth quarter of 2018.
The fourth quarter results were negatively impacted by $363.7 million or $3.76 per share in impairment expenses, $1.3 million or $0.01 per share in costs related to plant startup and expansion expenses, $16.3 million or $0.17 per share related to merger and acquisition expenses, $2.1 million or $0.02 per share in facility closure costs and $3.9 million or $0.04 per share in other adjustments, partially offset by a net $52.3 million or $0.54 per share customer shortfall penalty, resulting in adjusted EPS for the fourth quarter of a loss of $0.53 per basic and diluted share.
“I am proud of what we achieved in 2019 in the face of market headwinds in energy and uncertainty late in the year in broader industrials markets,” said Bryan Shinn, U.S. Silica chief executive officer. “We continued to build, invest in and transform U.S. Silica for the long-term and had many successes.
We expanded our industrial capacity, delivering record segment profitability, and invested in next generation Sandbox equipment while achieving record load volumes. We also right sized our proppant business and completed startup of our two new West Texas mines. Across the enterprise we signed numerous new customer contracts during the year. At the same time, we significantly advanced our new offering pipeline while recording the safest year in my tenure at the company.”