Business
Smart Sand, Inc. Announces Second Quarter 2023 Results
2Q 2023 total tons sold of approximately 1.1 million2Q 2023 revenue of $74.8 million2Q 2023 net income of $6.3 million2Q 2023 adjusted EBITDA of $11.4
About this update from Smart Sand, Inc.
[{"type":"text","content":"2Q 2023 total tons sold of approximately 1.1 million2Q 2023 revenue of $74.8 million2Q 2023 net income of $6.3 million2Q 2023 adjusted EBITDA of $11.4 million2Q 2023 net cash provided by operating activities of $16.1 million2Q 2023 free cash flow of $10.8 million SPRING, Texas, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Smart Sand, Inc. (NASDAQ: SND) (the “Company” or “Smart Sand”), a fully integrated frac and industrial sand supply and services company, a low-cost producer of high quality Northern White frac sand, a proppant logistics solutions provider through both its in-basin transloading terminals and SmartSystems™ products and services and a provider of industrial product solutions, today announced results for the second quarter of 2023. “Smart Sand continued to deliver solid financial and operating results in the second quarter of 2023,” stated Charles Young, Smart Sand’s Chief Executive Officer. Second quarter net income and Adjusted EBITDA were higher than comparable results for the first quarter of 2023 and the second quarter 2022. Our net cash provided by operating activities has been strong leading to almost $11 million in free cash flow in the second quarter of 2023. We had increased frac sales volumes into the Bakken through our Van Hook, North Dakota terminal in the quarter and higher industrial product solutions sales. We continue to take advantage of our high quality Northern White asset base and superior logistics service offerings to deliver strong financial returns for our shareholders. We started up operations at our Blair, Wisconsin facility and delivered our first sand shipments into the Canadian market. This is a key Northern White frac sand market that we can now compete in. We also put our first belt system to work in our SmartSystems last mile operations. This belt allows much higher delivery of frac sand into the blender of the pressure pumping equipment while reducing our fleet maintenance expense. Additionally, our Industrial Products Solutions business had its best quarter to date, with sales volumes increasing by 70% over first quarter 2023 results. We generated approximately $12 million in free cash flow and paid down approximately $12 million in debt in the first six months of 2023. Going into the third quarter, we believe the market fundamentals for Northern White sand continue to be positive and we pla...