NEW YORK (TheStreet) -- Shares of Fairmount Santrol (FMSA) are tumbling 20.07% to $6.49 on heavy trading volume late Friday morning as the company sees a wider-than-expected loss for the 2016 second quarter.
After yesterday's market close, the Chesterland, OH-based company said it expects its 2016 second quarter loss to be between 56 cents and 58 cents per diluted share.
Analysts are modeling a loss of 13 cents per share.
Second-quarter revenue is projected to range from $113 million to $115 million, while analysts are looking for $133.8 million.
Overall volumes sold are estimated to be between 1.9 million and 2 million tons for the period, the company noted.
"While we have continued to improve our efficiencies and reduce our costs, market conditions for our proppant solutions segment remained particularly challenging in the second quarter, including an estimated 25% sequential decrease in quarterly average U.S. rig counts," CEO Jenniffer Deckard said in a statement.
Fairmount Santrol is a provider of high-performance sand and sand-based products used by oil and gas exploration and production companies to boost productivity of their wells.
The company is scheduled to report its 2016 second quarter results before the market open on August 4.
About 3.94 million of the company's shares changed hands so far today vs. its average volume of 1.82 million shares per day.