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Exhibit 99.1
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, LSBs 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 years 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
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Lsb Industries Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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In recent years, U.S. natural gas reserves have increased significantly due to, among other factors, advances in extracting shale gas, which has reduced and stabilized natural gas prices, providing North America with a cost advantage over certain imports.
The carrying values of the redeemable preferred stocks are being increased by periodic accretions recorded to retained earnings and included in determining income or loss per share using the interest method so that the carrying amount will equal the
The increase was primarily driven by an increase of $0.9 million in professional fees and $0.6 million in compensation-related costs partially offset by the reduction of $0.5 million in expenses related to our former business that was sold in October 2017.
During the third quarter of 2018, average agricultural selling prices for our ammonia, UAN and HDAN increased 36%, 25% and 13% respectively, compared to 2017 average selling prices for the same period reflecting a more favorable alignment of demand with market capacity for these products.
Our SG&A expenses were $25.8 million for the first nine months of 2018, a decrease of $1.0 million compared to the same period in 2017.
Our SG&A expenses were $9.1...Read more
Dividends on the Series D...Read more
Our average industrial selling prices...Read more
Capital Improvements First Nine Months...Read more
costs associated with lower on-stream...Read more
$0.06 per share on our...Read more
$12.00 per share on our...Read more
Focus on the Continued Improvement...Read more
If we had applied ASC...Read more
We have not paid cash...Read more
In addition, the preparation of...Read more
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Agricultural products sales increased from...Read more
For the third quarter of...Read more
In addition, through increased marketing...Read more
We believe our future results...Read more
During the third quarter of...Read more
In the event of a...Read more
Property, plant and equipment improvements...Read more
Property, plant and equipment improvements...Read more
Consistent, reliable and safe operations...Read more
Financial Statements, Disclosures and Schedules
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Lsb Industries Inc provided additional information to their SEC Filing as exhibits
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