U.S. Silica and Hi-Crush Benefit From Higher Volumes and Last-Mile Logistics Profits
Frac sand producers U.S. Silica and Hi-Crush reported strong second-quarter results. Volumes improved sequentially 16% for Hi-Crush and 7% for U.S. Silica, as the former benefited from the resolution of disruptive rail issues and the latter benefited from the ramp-up of its Permian-based mines. Gross margin per ton also improved slightly for both companies, with Hi-Crush improving to $31 per ton from $29 and U.S. Silica to $33 per ton from $31. Our fair value estimates and no-moat ratings for th...
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