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.”
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.
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