DMC Global’s sales slowed by Texas winter storm

BROOMFIELD — DMC Global Inc. (Nasdaq: BOOM) said the cold snap that caused widespread blackouts in Texas caused one of its plants to temporarily shutter, causing a pinch on its revenues for the first quarter of 2021.

The Broomfield oilfield equipment provider posted revenues of $55.66 million and an earnings-per-share of 3 cents in its earnings report Thursday afternoon. The revenue figure is short of consensus estimates by about $2.65 million, while the earnings-per-share figure beat estimates by 2 cents, according to data gathered by finance site Seeking Alpha.

Overall, DMC had a net income of $432,000.

In a statement accompanying the earnings figures, DMC said its quarter was hampered by weak demand due to the pandemic continuing to keep many at home during the first quarter of the year.

The cold snap that left much of Texas without power or heat for days in January also shut down one of the company’s manufacturing plants located south of Dallas for two weeks, impacting the business’ sales.

However, CEO Kevin Longe was upbeat on the prospect of sales returning in the coming months as mass-vaccinations against COVID-19 take place.

“I am pleased with the continued progress of our businesses and by the improving outlook within our end markets,” he said in a statement.

DMC now expects to produce between $67 million and $72 million in revenue in the second quarter of this year.

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