Covia Holdings Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company announced revenue was $508,418,000 compared to $324,079,000 for the same period a year ago. Income from continuing operations before provision for income taxes was $23,622,000 compared to $41,755,000 for the same period a year ago. Net income attributable to the company was $20,892,000 compared to $66,435,000 for the same period a year ago. Basic and diluted earnings per share was $0.14 compared to $0.25 for the same period a year ago. EBITDA was $69,757,000 against $70,901,000 a year ago. Adjusted EBITDA was $121,773,000 against $70,901,000 a year ago.

For the six months, the company announced revenue was $878,239,000 compared to $611,391,000 for the same period a year ago. Income from continuing operations before provision for income taxes was $70,278,000 compared to $59,931,000 for the same period a year ago. Net income attributable to the company was $66,435,000 compared to $53,641,000 for the same period a year ago. Basic and diluted earnings per share was $0.44 compared to $0.36 for the same period a year ago. Net cash provided by operating activities was $85,583,000 compared to $85,955,000 for the same period a year ago. Capital expenditures were $115,709,000 compared to $29,230,000 for the same period a year ago. EBITDA was $148,735,000 against $118,094,000 a year ago. Adjusted EBITDA was $206,051,000 against $330,774,000 a year ago.

For the full year, the company expects effective tax rate to be approximately 23%, driven mainly by merger-related expenses, which cannot be deducted for tax purposes. Gross profits for the year are expected to be slightly down as cost and operational headwinds that was experienced during the first half of the year moderate in the second half.

The company anticipate capital spending in the second half of 2018 to be between $110 million and $130 million, which is approximately $30 million to $40 million lower than previous forecast that Unimin and Fairmount previously provided on a stand-alone basis. Capital spend for the remainder of the year includes $20 million to $30 million in maintenance CapEx.

The company expects tax rate to moderate to mid- to high-teens percentages as it move into 2019.