LSB Industries, Inc. (NYSE: LXU) announced today results for the quarter ended March 31, 2012.
First Quarter 2012 Financial Highlights Compared to First Quarter 2011:
- Net sales were $190.2 million compared to $177.5 million, a $12.7 million increase.
- Operating income was $23.1 million compared to $34.0 million.
- Net income was $14.3 million compared to $20.9 million.
- Net income applicable to common stockholders was $14.0 million compared to $20.6 million.
- Diluted earnings per common share were $.61 compared to $.90.
Discussion of First Quarter of 2012:
Our Chemical Business sales increased $12.8 million or 11.5%, offset by a slight decline in Climate Control Business sales.Consolidated operating income was $23.1 million compared to $34.0 million for the same period in 2011, a decrease of approximately $10.9 million that includes:
- an $8.7 million decrease in our Chemical Business including approximately $13.1 million negative impact of downtime at our Pryor, Oklahoma Facility (the “Pryor Facility”), partly offset by increases in the agricultural and industrial sales volumes and margin in the rest of the Chemical Business; and
- a $2.6 million decrease in our Climate Control Business primarily the result of lower margins due to a more competitive market and raw material cost increases.