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U.S. Silica Net Income More Than Doubles

4:13 PM MDT | March 21, 2012 | Vincent Valk

Fourth-quarter net income for U.S. Silica (Frederick, MD) rose 263% year-on-year, to $10 million, or 19 cts/share. Fourth-quarter revenues were up 40.5%, to $83.6 million, as sales volumes rose 10.6%. The increase was driven by a 37% rise in sales volumes in the company’s oil and gas business, which makes proppants used in the drilling process. Sales volumes in the company’s industrial and specialty products business were flat.   For all of 2011, net income totaled $30.3 million, or 61 cts/share, nearly triple 2010’s net income. Revenues...

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