Here's Why U.S. Silica Stock Fell Over 38% Today
Shares of U.S. Silica (NYSE: SLCA) lost over one-third of their value today after the company announced third-quarter 2019 operating results. There wasn't much to celebrate.
The frack sand and industrial ceramics supplier reported an adjusted loss per share of $0.17 for the quarter, while analysts' consensus estimate called for a loss of just $0.03 per share on the same basis, according to numbers compiled by Yahoo! Finance. The company also whiffed on revenue, reporting $361.8 million against expectations for over $395 million.
U.S. Silica is making moves to better position itself to thrive in the current environment, but investors have been hearing that for years now and don't seem motivated to keep riding this one out. As of 11:55 a.m. EDT, the stock had settled to a 36.5% drop.
Source Fool.com
