NEW YORK (TheStreet) -- FMSA Holdings (FMSA) shares closed trading up 5.35% to $5.71 on heavy volume Monday after the sand-based proppant solutions provider released its quarterly earnings results before the opening bell today.
The Chesterland, OH-based company, which provides the solid material added to fracking fluid to keep an induced hydraulic fracture open, missed analysts' fourth quarter earnings expectations but did beat on revenue during the period.
The company reported earnings of 24 cents per diluted share on an adjusted basis, beating analysts' expectations by 4 cents per share. Revenue for the period rose 29% over the same period last year to $353.8 million, topping analysts' expectations of $347.41 million in revenue.
The company also said that it would suspend offering guidance for adjusted EBITDA for the coming year due to volatility in the proppant market.
"While we expect 2015 to be challenging, we believe these attributes differentiate FMSA (Fairmount Santrol) from our competitors and will allow us to gain market share this year. Our experience is that we emerge from down cycles as a stronger company, and we are highly confident in our growth prospects for when the oil and gas market rebounds," said the company.