Smart Sand reports Q1 EPS (1c) vs. (9c) last year

Reports Q1 revenue $83.1M vs. $82.4M last year. “Smart Sand had a strong first quarter,” stated Charles Young, Smart Sand’s CEO. “Compared to the fourth quarter of 2023, sales volumes increased by over 30%, contribution margin doubled and Adjusted EBITDA increased by almost $9 million. We saw an increase in demand for our sand in all the major basins we serve and we increased our utilization of our SmartSytems fleet. We invested in our new terminals in northeast Ohio and these terminals are now available to allow us to begin serving the Utica shale formation. Free cash flow was negatively impacted by the increase in working capital needed in the quarter to support the higher sales levels. We expect working capital growth to moderate beginning in the second quarter and currently we expect free cash flow to be positive for 2024. We are focused on being more efficient in our operations and in the utilization of our combined assets to improve our cost structure which should allow us to generate positive cash flow through the operating cycles in our industry.”