U.S. Silica Holdings Inc. (SLCA) shares surged 6.13% in after-hours on Wednesday, October 6, 2021, and closed the daily trading at $9.00. However, in the regular trading session of Wednesday, SLCA’s stock lost 8.32%. SLCA shares have risen 197.54% over the last 12 months, and they have moved up 5.34% in the past week. Over the past three months, the stock has lost 26.96%, while over the past six months, it has declined 28.86%.
Let’s have a look at its recent news and developments.
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SLCA looking for alternatives for ISP Segment
On October 6, 2021, U.S. Silica Holdings, Inc. (SLCA) announced that it is commencing a review of strategic alternatives for its Industrial & Specialty Products (ISP) segment. A range of options is under consideration, including a potential sale or separation of the ISP segment.
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There is no time limit given by the company for the completion of the review and there is no assurance that a sale, separation or any other transaction will take place
SLCA new appointment
On October 1, 2021, U.S. Silica Holdings, Inc. (SLCA) appointed Sandra Rogers to its Board of Directors. Ms Rogers will also serve as an independent member of the Audit and Nominating & Governance Committees of the Board as well as devote additional emphasis to ESG program expansion. The board now has 6 members in total.
SLCA recent financial results
On July 29, 2021, U.S. Silica Holdings, Inc. (SLCA) reported its second-quarter financial results which ended on June 30, 2021.
Q2 2021 financial highlights
- SLCA reported total revenue of $317.3 million in Q2 2021 compared to 4 million in the first quarter of 2021 and $172.54 million in Q2 2020.
- The total operating expenses were $68.67 million in Q2 2021 compared to $67.6 million in Q1 2021 and $80.12 million in Q2 2020.
- It earned a net income of $25.9 million in Q2 2021 compared to a net loss of 21.0 million in Q1 2021 and a net loss of $32.62 million in Q2 2020.
- Adjusted EBITDA was $103.3 million in Q2 2021 compared to$38.3 million in the first quarter of 2021 and $40.77 million in Q2 2020.
- The company ended the quarter with 7 million in cash and cash equivalents and total debt of $1.235 billion.
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Conclusion
The recent news that the company is reviewing its ISP segment could be the reason behind its turnaround in the after-hours on Wednesday. we hope that it will continue its positive momentum on Thursday morning as well.