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Lsb Industries Inc (LXU) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Lsb Industries Inc

CIK: 60714 Ticker: LXU

Exhibit 99.1

 

LOGO

LSB INDUSTRIES, INC. REPORTS OPERATING RESULTS

FOR THE 2018 SECOND QUARTER

OKLAHOMA CITY, Oklahoma…July 25, 2018… LSB Industries, Inc. (NYSE: LXU) (“LSB” or the “Company”) today announced results for the second quarter ended June 30, 2018.

Second Quarter Highlights

 

    Net sales of $103.2 million for the second quarter of 2018, compared to adjusted net sales(1) of $105.2 million for the second quarter of 2017 ($122.9 million originally reported) which excludes $15.6 million for the comparative impact to revenue from new revenue recognition standards adopted in 2018 primarily related to the Baytown facility, that are not reflected in prior year financials, and $2.1 million from businesses sold in the second and third quarters of 2017

 

    Net loss of $27.5 million for the second quarter of 2018, compared to a loss of $7.0 million for the second quarter of 2017

 

    Adjusted EBITDA(1) of $17.8 million for the second quarter of 2018, compared to $21.7 million ($22.2 million originally reported) excluding $0.5 million from businesses sold in 2017

“Our second quarter performance was disappointing relative to our expectations headed into the period,” stated Daniel Greenwell, LSB’s President and CEO. “As we previously announced, our results were impacted by unplanned downtime at our El Dorado facility and, to a lesser extent, our Pryor facility. As a result, we had lower production volume of both our agricultural and industrial products resulting in reduced sales, lower fixed cost absorption and additional costs, which offset a material year-over-year improvement in pricing for our agricultural products along with lower natural gas feedstock costs and stronger sales volumes of our industrial and mining products.”

Mr. Greenwell continued, “We recognized year-over-year pricing improvement for all of our major agricultural product categories during the second quarter, with net pricing per ton for UAN, HDAN, and agricultural ammonia, rising 14%, 13%, and 10% respectively, reflecting a more favorable alignment of demand with market capacity for these products relative to last year. While the third quarter is typically our seasonally weakest quarter for agricultural products due to the conclusion of the spring fertilizer season, based on third quarter presales of UAN and ammonia, we expect a continued trend towards stronger pricing relative to 2017 for the balance of this year. Pricing for our industrial products was lower than the prior year’s second quarter as a result of the lower Tampa ammonia pricing quarter over quarter which averaged $265 a metric ton for the second quarter of 2018, as compared to $295 a metric ton for the second quarter of 2017. Our industrial ammonia sales volumes declined due to the aforementioned downtime at El Dorado, however, our nitric acid and other industrial products volumes increased 35% and 15% respectively driven by the continued strength of the U.S. economy. Favorable trends in our mining products business also continued, with our mining product volumes increasing 20% as compared to the second quarter of 2017 as we continue to gain momentum in these markets.”

 

(1) This is a Non-GAAP measure. Refer to the Non-GAAP Reconciliation section.

 

1


The following information was filed by Lsb Industries Inc (LXU) on Wednesday, July 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lsb Industries Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statement Of Stockholders Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Adoption Of Asc 606
Adoption Of Asc 606 (Tables)
Adoption Of Asc 606 - Additional Information (Detail)
Adoption Of Asc 606 - Summary Of Impact Of Adoption Of Accounting Standards (Detail)
Adoption Of Asc 606 - Summary Of Net Sales Disaggregated By Revenue Source (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Current And Noncurrent Accrued And Other Liabilities
Current And Noncurrent Accrued And Other Liabilities (Tables)
Current And Noncurrent Accrued And Other Liabilities - Summary Of Current And Noncurrent Accrued And Other Liabilities (Detail)
Derivatives, Hedges, Financial Instruments And Carbon Credits
Derivatives, Hedges, Financial Instruments And Carbon Credits (Tables)
Derivatives, Hedges, Financial Instruments And Carbon Credits - Additional Information (Detail)
Derivatives, Hedges, Financial Instruments And Carbon Credits - Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Derivatives, Hedges, Financial Instruments And Carbon Credits - Net Gains (Losses) Included In Continuing Operating Results And Statement Of Operations Classifications (Detail)
Derivatives, Hedges, Financial Instruments And Carbon Credits - Reconciliation Of Beginning And Ending Balances For Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Derivatives, Hedges, Financial Instruments And Carbon Credits - Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments (Detail)
Derivatives, Hedges, Financial Instruments And Carbon Credits - Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments (Parenthetical) (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Provision (Benefit) For Income Taxes (Detail)
Inventories
Inventories - Additional Information (Detail)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Schedule Of Revolving Credit Facility And Long-Term Debt (Detail)
Long-Term Debt - Schedule Of Revolving Credit Facility And Long-Term Debt (Parenthetical) (Detail)
Long-Term Debt - Working Capital Revolver Loan And Senior Secured Notes - Additional Information (Detail)
Loss Per Common Share
Loss Per Common Share (Tables)
Loss Per Common Share - Antidilutive Securities Excluded From Computation Of Diluted Net Income (Loss) Per Common Share (Detail)
Loss Per Common Share - Computation Of Basic And Diluted Net Income (Loss) Per Common Share (Detail)
Related Party Transactions
Related Party Transactions - Additional Information (Detail)
Securities Financing Including Redeemable Preferred Stocks
Securities Financing Including Redeemable Preferred Stocks (Table)
Securities Financing Including Redeemable Preferred Stocks - Additional Information (Detail)
Securities Financing Including Redeemable Preferred Stocks - Summary Of Redeemable Preferred Stock (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Additional Information Relating To Cash Flow Activities (Detail)
Ticker: LXU
CIK: 60714
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-024898
Submitted to the SEC: Wed Oct 24 2018 4:21:32 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Industrial Inorganic Chemicals

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