Covia Holdings Corporation (CVIA) Thursday reported fourth-quarter 2018 results that missed analysts’ expectations, hurt by market headwinds. Net loss for the quarter came in at 37 cents per share, 5 cents wider than what the street had anticipated.
The provider of mineral-based material solutions reported total revenues of $441.3 million, down 28% year-over-year due to lower energy volumes and pricing partially offset by higher industrial revenues.
In the industrial segment, revenue grew 2% to $185.7 million, aided by price increases instituted at the beginning of 2018. Meanwhile, revenues from the energy unit declined 40% in Q4, driven by lower Northern White sand volumes and pricing and a mix shift toward FOB mine sales.
Total volumes saw a decline of 14%, hurt by weakness in the energy segment.
CEO Jenniffer Deckard said, “So far in 2019, demand within our Industrial segment has been relatively flat, and we have instituted low single-digit percentage price increases, on average, across our Industrial portfolio. We anticipate improving demand as we progress through 2019.”
READ: BMW’S PROFIT WARNING SENDS SHOCKWAVES THROUGH THE US AUTO INDUSTRY
The Ohio-based holding company provided an outlook for the first and second quarters, as well as the full year 2019.
For the first quarter, industrial volumes are expected to be flat year-over-year at 3.5 million tons. Energy volumes are estimated to be flat at 4.4 million tons.
In the second quarter, industrial volumes are expected to be once again flat at 3.8 million tons, while energy volumes are estimated to be 5.0 million to 5.3 million tons.
Covia expects SG&A expenses for the full year 2019 in the range of $160 million to $170 million, while CapEx is projected between $80 million and $100 million, compared to previous guidance of $90 million to $110 million.
CVIA stock has tumbled 70% in the trailing 52 weeks.
Earnings Transcript: Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
Docusign (DOCU) Earnings: 3Q26 Key Numbers
Docusign, Inc. (NASDAQ: DOCU) reported its earnings results for the third quarter of 2026. Revenue increased 8% year-over-year to $818.4 million. GAAP net income was $83.7 million, or $0.40
Infographic: How Ulta Beauty (ULTA) performed in Q3 2025
Ulta Beauty, Inc. (NASDAQ: ULTA) reported its earnings results for the third quarter of 2025. Net sales increased 12.9% year-over-year to $2.9 billion, driven by comparable sales growth, the Space
Hewlett Packard Enterprise (HPE) Earnings: 4Q25 Key Numbers
Hewlett Packard Enterprise (NYSE: HPE) reported revenue of $9.7 billion for the fourth quarter of 2025, up 14% from the prior-year period in actual dollars and in constant currency. Net
