Rentech Nitrogen Partners, L.P. (NYSE: RNF), which manufactures and sells nitrogen fertilizer products including ammonia, urea ammonium nitrate solution (UAN) and ammonium sulfate, today announced its results for the three and twelve months ended December 31, 2012 and provided guidance for 2013.
Commenting on the results for the period, D. Hunt Ramsbottom, CEO of Rentech Nitrogen GP, LLC, stated, “2012 was a successful year for Rentech Nitrogen. We delivered strong results, and completed a major accretive acquisition and our urea/DEF expansion at the East Dubuque Facility.”
Mr. Ramsbottom continued, “Although we expect 2013 cash distributions to total approximately $2.60 per unit due to planned and unplanned downtime, we look forward to a very strong 2014, with three expansions scheduled for full production that are expected to add significantly to 2014 cash distributions and EBITDA.”
The financial statements for the periods ended December 31, 2012 include results of the Pasadena Facility from the date of the closing of the acquisition of Agrifos LLC on November 1, 2012.
Three months ended December 31, 2012
Revenues for the three months ended December 31, 2012 were $92.4 million, compared to $63.0 million for the comparable period in the prior year. The increase was due to the contribution of $37.4 million of revenues from the Pasadena Facility, which was partially offset by decreased sales prices and volumes for most products at the East Dubuque Facility. Ammonia and UAN sales volumes declined in the current period as a result of production lost during plant outages at the East Dubuque Facility that occurred in the fourth quarter of 2012. This delayed UAN shipments scheduled for the fourth quarter of 2012 into the first quarter of 2013.
During the three months ended December 31, 2012, Rentech Nitrogen generated operating income of $21.3 million compared to $22.6 million during the comparable period in the prior year. Operating income in the current period was reduced by $4.1 million of acquisition costs for the Pasadena Facility.