Smart Sand: Gains as cost cuts drive surprise profit

Smart Sand

10/11/2020 12:08

** Shares in frac sand supply supplier  SND.O  jump ~15% to
$1.65 premarket
    ** Co reports Q3 adj. profit of 4 cents/shr vs estimate of a
11 cents/shr loss - IBES Refinitiv data
    ** Revenues fall more than 63% to $23.4 mln, but ahead of
expectations  urn:newsml:reuters.com:*:nGNX3LtcPK
    ** Smart Sand benefited from several cost cuts, including
reduction of capital expenditure budget, and job cuts
    ** Total volumes sold improved sequentially, though they
continue to be negatively impacted by low oil prices due to OPEC
oversupply and pandemic-led hit to demand
    ** SND says oil and natural gas prices have improved from
recent lows, but are expected to continue to be at depressed
levels as a result of higher near-term supply
    ** Stock down ~43% YTD, as of Monday's close 

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))