NEW YORK (TheStreet) -- Shares of U.S. Silica (SLCA) - Get Report were gaining 22.6% to $17.95 on Wednesday despite the silica producer's mixed third quarter financial results.

On Tuesday. U.S. Silica reported a loss of 3 cents a share for the third quarter, compared to analysts' estimates of a loss of 1 cents a share for the quarter. Revenue fell 35.6% year over year to $155.4 million for the quarter, in line with analysts' estimates.

Oil and gas revenue fell to $102 million from $186.8 million in the year-ago quarter. Industrial and specialty products revenue fell to $53.4 million from $54.4 million.

"We took decisive actions during the quarter to profitably sell higher volume in our Oil and Gas business and take share,'' President and CEO Bryan Shinn said in a statement. However, Shinn cautioned that "we expect to see a decline sequentially in volumes and margins in our Oil and Gas business as drilling and completion activity is expected to slow down significantly in the fourth quarter."

TheStreet Recommends

TheStreet Ratings team rates U S SILICA HOLDINGS INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

We rate U S SILICA HOLDINGS INC (SLCA) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its respectable return on equity which we feel is likely to continue. At the same time, however, we also find weaknesses including unimpressive growth in net income, poor profit margins and weak operating cash flow.

You can view the full analysis from the report here: SLCA

SLCA data by YCharts

Image placeholder title