Business
Smart Sand, Inc. Announces Third Quarter 2022 Results
3Q 2022 revenue of $71.6 million3Q 2022 total tons sold of approximately 1.1 million3Q 2022 net income of $2.7 million3Q 2022 Adjusted EBITDA of $11.3 million
About this update from Smart Sand, Inc.
[{"type":"text","content":"3Q 2022 revenue of $71.6 million3Q 2022 total tons sold of approximately 1.1 million3Q 2022 net income of $2.7 million3Q 2022 Adjusted EBITDA of $11.3 million THE WOODLANDS, Texas, Nov. 08, 2022 (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 and a provider of industrial product solutions and proppant logistics solutions through both its in-basin transloading terminals and SmartSystems™ products and services, today announced results for the third quarter 2022. “Smart Sand delivered solid operating and financial results in the third quarter,” stated Charles Young, Smart Sand’s Chief Executive Officer. “Activity levels continued to be strong at our Oakdale and Utica facilities and we increased the utilization of our SmartSystems last mile fleets during the quarter. Additionally, Smart Sand generated positive Free Cash Flow in the quarter as we continue to execute our plan to increase margins while efficiently managing our costs and capital expenditures. The outlook for completions activity in North America continues to be positive and we expect demand for our products and services to continue to be strong.” Third Quarter 2022 Results Tons sold were approximately 1,110,000 in the third quarter of 2022, compared to approximately 1,196,000 tons in the second quarter of 2022 and 790,000 tons in the third quarter of 2021, a decrease of 7% sequentially and an increase of 41% over the comparable period in the prior year. Revenues were $71.6 million in the third quarter of 2022, compared to $68.7 million in the second quarter of 2022 and $34.5 million in the third quarter of 2021. Revenues increased in the third quarter, compared to the second quarter of 2022, primarily due to a higher average sales price of our sand, increased utilization of our SmartSystems™ fleet and contractual shortfall revenue. Revenues increased in the third quarter of 2022, compared to the third quarter of 2021, due primarily to higher sand sales volumes and a higher average sales price for our sand. Sand volumes and sales prices have increased since the third quarter of 2021 due to improvement in the supply and demand fundamentals for frac sand. We believe that this improvement has been driven by...