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LSB Industries, Inc. Reports Record Results For The 2011 Fourth Quarter And Year

Stocks in this article: LXU

LSB Industries, Inc. (NYSE: LXU) announced today record results for the fourth quarter and year ended December 31, 2011.

Fourth Quarter 2011 Financial Highlights Compared to Fourth Quarter 2010:

  • Net sales were $215.4 million, a 25% increase from $172.2 million;
  • Operating income was $41.6 million compared to $30.2 million;
  • Net income was $28.0 million compared to $18.0 million;
  • Net income applicable to common shareholders was $28.0 million compared to $18.0 million;
  • Diluted earnings per common share were $1.19 compared to $.79.

Year 2011 Financial Highlights Compared to Year 2010:

  • Net sales were $805.3 million, a 32% increase from $609.9 million;
  • Operating income was $136.4 million compared to $55.9 million;
  • Net income was $83.8 million compared to $29.6 million;
  • Net income applicable to common shareholders was $83.5 million compared to $29.3 million;
  • Diluted earnings per common share were $3.58 compared to $1.32.

Discussion of Fourth Quarter of 2011:

The $43.2 million increase in consolidated sales includes a $44.8 million or 46% increase in Chemical Business sales and a $3.5 million or 5% decrease in Climate Control Business sales.

The $11.4 million increase in consolidated operating income includes an increase of $17.9 million by the Chemical Business and a $6.3 million decrease by the Climate Control Business.

  • Although the increase in the Chemical Business operating income reflects higher overall selling prices and volumes, the increase was primarily a result of greater sales volumes and margins on urea ammonium nitrate (“UAN”) produced at the Cherokee Nitrogen and Pryor Chemical facilities.
  • In addition to lower comparable quarter sales, the decrease in the Climate Control Business operating income was due to higher material costs, change in product mix, an increase in selling expenses and the competitive environment resulting from continued lower construction activity.

Fourth Quarter - Chemical Business:

Sales for the Chemical Business were $142.0 million, a 46% increase over $97.3 million in 2010. Agricultural product sales were up $27.0 million, or 65%; which was attributable in part to UAN sales increasing significantly, both in tons shipped and selling prices primarily due to strong demand for UAN, driven by market demand for crop nutrients and global grain prices. Mining and industrial sales were up $13.1 million and $4.9 million, respectfully.

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