U.S. Silica Holdings Inc. announced a net loss of $20.8 million, or $(0.28) per basic and diluted share, for the first quarter ended March 31, compared with net income of $4.6 million, or $0.06 per basic and diluted share, for the fourth quarter of 2020.
Overall tons sold of 3.561 million for the first quarter of 2021 increased 26% compared with 2.827 million tons sold in the fourth quarter of 2020 and decreased 14% when compared with the first quarter of 2020.
Bryan Shinn, chief executive officer, commented, “I am pleased with our strong financial and operational performance during the first quarter. We delivered impressive results which exceeded both revenue and Adjusted EBITDA expectations. Our volumes grew in both operating segments and we recently announced another price increase for our industrial and specialty products effective as of May 1st. Industrial activity and commodity prices have rebounded from earlier this year and we are optimistic that markets are in the early stages of a broader recovery, particularly as we look ahead to the second half of 2021 and into 2022. We are well-positioned to benefit from and respond to this improving market dynamic.”
Shinn continued, “As a leader in the industrial minerals market, we are poised to monetize a compelling new pipeline of specialty and performance products that serve traditional end markets such as housing, food and beverage, automotive, biopharma and energy as well as emerging sustainable industries including solar energy, wind power, cleaner air, green diesel, food quality and energy-efficient buildings. For our valued customers, we will continue to focus on ensuring that we consistently deliver the operational excellence you have come to expect from us.”
In 2021, the company is reinforcing its commitment to three strategic priorities: 1) growing its Industrial & Specialty Products segment, 2) repositioning its Oil & Gas segment, and 3) prioritizing free cash flow.