U.S. Silica Holdings (NYSE: SLCA) reported its third quarter financial results on Tuesday. The Company missed expectations and said it expects demand to slow down in the next quarter, causing shares to crash by 33%.

For the quarter, U.S. Silica reported earnings loss of USD 0.17 per share on revenue of USD 361.8 Million. Refinitiv analysts expected earnings of USD 0.03 per share on revenue of USD 395.5 Million.

The Company reported that net losses continued to widen during the quarter as U.S. Silica reported a loss of USD 23 Million at the end of the quarter. In comparison, the Company reported a profit of USD 6.3 Million in the same period a year ago.

The Company also reported that revenue fell by 14% year-over-year, due to declines in its oil and gas segment. U.S. Silica reported revenues of USD 242.7 Million, decreasing by 20% year-over-year in its oil and gas segment.

U.S. Silica noted that the industry is witnessing delays in purchasing decisions by certain customers. The heightened level of uncertainty in global industrial markets, fueled by tariffs, political uncertainty, and risking risk of an economic slowdown made it difficult for the Company to provide a forecast.

However, the Company is expecting a seasonal profitability decline of approximately 10% in the next quarter.

U.S. Silica also expects slowdown in North American completions activity in the fourth quarter, which will negatively impact results for its oil and gas segment. The Company expects the oil and gas sand volumes to decline by 10%.