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- Intraday Mover: Hawaiian Electric Industries Inc. (NYSE: HE) - November 30, 2019
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HOUSTON, November 30, 2019 – Shares of Hi-Crush Inc. (NYSE: HCR) showed the bullish trend with a higher momentum of 0.61% to $0.81. The company traded total volume of 621.218K shares as contrast to its average volume of 962.81K shares. The company has a market value of $79.61M and about 98.29M shares outstanding.
During the second quarter of 2019, Hi-Crush Inc. (NYSE: HCR) reported total revenues of $178.00M on total volumes sold of 2,662,086 tons. This compares to $159.90M of revenues during the first quarter of 2019 on total volumes sold of 2,411,262 tons.
Revenues from sales of frac sand totaled $125.90M in the second quarter of 2019, reflecting an increase of 9% compared to $115.10M in the first quarter of 2019. Total volumes sold were 2.70M tons, an increase of 10% compared to the first quarter of 2019, primarily driven by a 21% increase in Northern White volumes. Average sales price of $47 per ton for the second quarter of 2019 was largely unchanged compared to $48 per ton in the first quarter of 2019.
General and administrative expenses totaled $12.10M in the second quarter of 2019, excluding non-recurring expenses of $3.10M associated with business development activities and costs associated with the Conversion. Compared to $11.60M in the first quarter of 2019, excluding $1.00M of non-recurring expenses associated with business development activities and costs associated with the Conversion, general and administrative expenses were relatively unchanged.
As of June 30, 2019, Hi-Crush had $52.80M of cash, no borrowings and $59.20M in available borrowing capacity under its senior secured revolving credit facility (the “ABL Facility”), resulting in total liquidity of $112.00M.
Stock Repurchase Program:
On June 8, 2019, the Company’s board of directors approved a stock repurchase program of up to $25.00M, effective on that date and authorized through June 2020. As of June 30, 2019, the Company has repurchased a total of 1,177,731 common shares for a total cost of $3.20M. The Company’s stock repurchase program had $21.80M of remaining authorized capacity as of June 30, 2019.
Total capital expenditures for the six months ended June 30, 2019 totaled $57.90M. Growth capex for the six months ended June 30, 2019 totaled $19.20M, primarily related to spending on logistics assets, including new topfill conveyor systems and trailers. For the second half of 2019, growth capex, including upgrades to the current silo systems and PropDispatch enhancements, is expected to range between $10 and $15.0M.
Maintenance capex for the six months ended June 30, 2019 totaled $7.70M. For the second half of 2019, maintenance capex is expected to range between $6 and $8.0M.
Free Cash Flow:
Free cash flow was $5.80M and $17.90M for the three and six months ended June 30, 2019, respectively. Free cash flow for the six months ended June 30, 2019 reflects the semi-annual interest payment made in February 2019 on the Senior Notes. Free cash flow for the three and six months ended June 30, 2019 excludes $5.80M and $31.00M, respectively, in 2018 carryover capex spending, which was fully-funded in 2018.
Reflecting customer conversations and potential market conditions, the Company expects total sales volumes to be in a range of 2.4 to 2.70M tons for the third quarter of 2019. The Company also expects continued deployment of last mile systems during the second half of 2019. Outlook for volumes and last mile operations is subject to market conditions, E&P budget management and other factors.
The Company offered net profit margin of -60.50% while its gross profit margin was 11.10%. ROE was recorded as -59.80% while beta factor was 1.88. The stock, as of recent close, has shown the weekly upbeat performance of 9.44% which was maintained at -77.37% in this year.