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U.S. Silica Declares Pricing of Upsized Public Offering

Zacks Equity Research
Updated

U.S. Silica Holdings, Inc. SLCA recently declared that it has priced an underwritten public offering of 8,695,700 shares of its common stock for total estimated gross proceeds of $173,914,000. The offering was previously announced for 8 million shares. The offering, which is subject to customary closing conditions, is expected to close on Mar 22, 2016.

The underwriters have been granted an option to purchase up to 1,304,300 additional shares of the common stock.

U.S. Silica plans to utilize the net proceeds of the offering for general corporate purposes including the potential acquisition of complementary businesses or assets.

U.S. Silica’s shares rose roughly 8.5% to close at $22.49 on Mar 17, the day after the announcement of the pricing.

U.S. Silica reported a net loss of $15.3 million (or 29 cents per share) in fourth-quarter 2015 against net income of $33.2 million (or 61 cents per share) in the year-ago quarter. Results were hurt by lower oil prices which severely affected the company’s Oil and Gas business in 2015.

Barring one-time items, U.S. Silica’s adjusted loss came in at 26 cents per share in the quarter. Analysts polled by Zacks had estimated a loss of 16 cents on average.

Revenues plunged around 45% year over year to $136.1 million in the fourth quarter. However, the figure marginally surpassed the Zacks Consensus Estimate of $135 million. The top line was adversely impacted by lower sales volumes coupled with falling oil prices. Overall sales volume fell 18% year over year in the quarter to 2.5 million tons.

Currently, U.S. Silica carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the mining space include Anglo American Platinum Ltd. AGPPY, Antofagasta plc ANFGY and General Moly, Inc. GMO. Each of these stocks holds a Zacks Rank #2 (Buy).

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GENERAL MOLY IN (GMO): Free Stock Analysis Report
 
ANGLO AMER PLAT (AGPPY): Free Stock Analysis Report
 
US SILICA HOLDI (SLCA): Free Stock Analysis Report
 
ANTOFAGASTA PLC (ANFGY): Free Stock Analysis Report
 
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