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Rentech Nitrogen Announces Results For The First Quarter Of 2012; Issues New Guidance For 2012

Stocks in this article: RNF

During the three months ended March 31, 2012, Rentech Nitrogen delivered 30,000 tons of ammonia, 34,000 tons of UAN, and 13,000 tons of other nitrogen products, as compared to 20,000 tons of ammonia, 30,000 tons of UAN, and 12,000 tons of other nitrogen products during the comparable period in the prior year. Delivered tons are rounded to the nearest thousand.

Partnership Outlook

For the 12 months ending December 31, 2012, Rentech Nitrogen expects EBITDA in the range of $120 million and cash available for distribution in the range of $2.86 per unit. The partnership provided the following additional key operating metrics and its progress against its guidance:


Guidance for


Locked-in or


(as of 3/31/12)





55,000 or 38%

Average Price ($/ton)






99,000 or 34%

Average Price ($/ton)



Natural Gas in Cost of Sales


7.1 or 68%

(million MMBtus)



Average Cost per MMBtu


(includes transportation costs)



Rentech Nitrogen increased guidance for the twelve months ending September 30, 2012, stating that it expects EBITDA to be approximately $110 million, and cash available for distribution to be approximately $2.67 per unit, including debt service. This compares to the previous guidance of EBITDA of $97 million and cash available for distribution of $2.34 per unit before debt service, or $2.28 per unit including debt service. The guidance for the 12 months ending September 30, 2012 reflects $7.6 million of costs and lost profits related to the scheduled downtime for the bi-annual turnaround that occurred during October, 2011.

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