YARDLEY, PA — Smart Sand, Inc. (NASDAQ: SND) has announced its financial results for the fourth quarter and full year 2024, showcasing record-breaking sales volumes, strong revenue growth, and strategic milestones, including the company’s first-ever dividend issuance.
Record Sales and Revenue Growth
For the full year 2024, Smart Sand reported total revenue of $311.4 million, up 5% from 2023, driven by a 17% increase in total tons sold, which reached 5.26 million. Fourth-quarter revenue climbed to $91.4 million, a 45% sequential increase and a 47% year-over-year rise, reflecting the highest quarterly volumes in the company’s history.
Net income for the year reached $3.0 million, or $0.08 per share, while cash flow from operations totaled $17.9 million. Contribution margin for 2024 was $71.7 million, with an average of $13.62 per ton, down slightly from $14.85 in 2023 due to pricing pressures in the second half of the year.
Operational Achievements
The company expanded its presence in its core U.S. markets, including the Bakken and Marcellus formations, while developing new markets such as the Utica formation and Canada, which contributed 11% of 2024 sales volume. Operations at Smart Sand’s three plants were optimized to meet growing demand, resulting in efficient production and distribution.
Smart Sand declared its first $0.10 per share dividend in October 2024, returning $3.9 million to shareholders, and launched a share repurchase program of up to $10.0 million over 18 months. The company also strengthened its liquidity through a new $30 million credit facility and refinanced its Oakdale debt with more favorable equipment financing.
CEO Statement
Charles Young, CEO of Smart Sand, said, “We achieved significant milestones in 2024, including record sales volumes, positive free cash flow, and our initial dividend issuance. Our ability to adapt to strong demand and focus on cost efficiencies underscores our commitment to long-term growth and shareholder value.”
Key Metrics and Looking Ahead
Smart Sand’s adjusted EBITDA for 2024 reached $38.8 million, a 17% increase from 2023, supported by higher sales volumes and operational improvements. Fourth-quarter EBITDA surged to $11.9 million, reflecting the company’s ability to capitalize on increased customer activity.
The company remains well-positioned in the fast-growing frac sand market, leveraging its advanced logistics network and tailored solutions to support client demand.
Summary
Smart Sand concludes 2024 with robust financial performance and strategic alignment for ongoing success, marked by record volumes, enhanced liquidity, and increased shareholder returns.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.