Hi-Crush Partners Has Big Bottom-Line Miss
Fracking sand producer Hi-Crush Partners reported third-quarter results today before the markets opened, showing that it posted net revenues of $43.5 million, a big 73% increase from the same period in the previous year, and just ahead of the $40.36 million Capital IQ consensus estimate.
While net income came in at $15 million, or $0.52 per share, down from the $16.17 million, or $0.33 per share, in the same period in 2012, it was $0.14-per-share worse than the CapIQ estimates of $0.66 per share.
Hi-Crush had its IPO on Aug. 16, 2012, so the above results include the period from then through Sept. 30, 2012, as well as from the predecessor company period of July 1 through Aug. 31, 2012, which is why the results may seem skewed.
However, Hi-Crush says results were hurt by an estimated $1.5 million due to delays in volumes taken by contract customers as well as litigation and inventory costs related to D&I Silica that it acquired in June for $95 million cash, though they're not expected to recur in the fourth quarter.
The fracking sand producer didn't provide guidance for the coming quarter, but analysts anticipate Hi-Crush Partners will post earnings of $0.68 per share in the fourth quarter on revenues of $40.25 million.
The article Hi-Crush Partners Has Big Bottom-Line Miss originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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