Select Sands Corp. announced operational and financial results for the third quarter of 2022, noting that it sold 83,222 tons of frac and industrial sand during the third quarter of 2022 compared to 83,207 tons in the second quarter 2022 and 89,096 tons in the third quarter of 2021.
• For the nine months ended Sept. 30 the company sold 273,857 tons of frac and industrial sand – a 17% increase from 234,308 tons sold during the first nine months of 2021.
• Recorded revenue of $5.4 million and gross margin of $0.7 million in the third quarter of 2022 versus $5.3 million of revenue and gross margin of $1.0 million in the second quarter of 2022, and revenue of $5.3 million and gross margin of $0.4 million for the third quarter of 2021.
• For the nine months ended September 30, 2022, the Company recorded revenue of $16.9 million and gross margin of $2.5 million – an increase from the first nine months of 2021 of 23% and 171%, respectively.
President and Chief Executive Officer Zig Vitols commented, “We were pleased to see a continued solid energy pricing backdrop during the third quarter, which supported further oil and gas field development activities and related demand for our products. Similar to our second quarter, impacting our third-quarter sales volumes was the continued unprecedented holding of rail cars at multiple customer unload locations that limited us from taking further orders to increase sales. We took a number of steps to address the situation and I am happy to report that since the end of third quarter all of the related rail cars have been returned from customers. As such, we are now in a much better position to capitalize on the growth in demand for our premium quality Northern White Sand and other product offerings.”