Ciner Resources LP Announces Third Quarter 2016 Financial Results

Ciner Resources LP (NYSE: CINR) today reported its financial and operating results for the third quarter ended September 30, 2016.

Third Quarter 2016 Financial Highlights:
  • Net sales of $121.0 million increased 3.2% over the prior-year third quarter; year-to-date net sales of $352.1 million decreased 2.2% over the prior-year.
  • Net income of $23.1 million decreased 14.1% over the prior-year third quarter; year-to-date net income of $65.9 million decreased 15.4% over the prior-year.
  • Adjusted EBITDA of $30.6 million decreased 8.9% over the prior-year third quarter; year-to-date adjusted EBITDA of $87.9 million decreased 10.4% over the prior-year.
  • Earnings per unit of $0.56 for the quarter decreased 13.8% over the prior-year third quarter of $0.65; year-to-date of $1.58 decreased 16.0% over the prior-year.
  • Quarterly distribution declared per unit of $0.567 increased by 2.9% over the prior-year third quarter.
  • Net cash provided by operating activities of $37.8 million decreased 8.7% over prior-year third quarter; year-to-date net cash provided by operating activities of $103.9 million increased by 1.0% over the prior-year.
  • Distributable cash flow of $13.4 million remained flat over the prior-year third quarter; year-to-date distributable cash flow of $39.0 million decreased by 0.3% over the prior-year. The distribution coverage ratio was 1.18 and 1.15 for the three and nine months ended September 30, 2016, respectively; and 1.23 for the cumulative four quarters ended September 30, 2016.

Kirk Milling, CEO, commented "Third quarter results were led by our achievement of an all-time quarterly production record of 690,000 tons. This achievement underscores the continued progress we have made in improving productivity at our Green River facility, and represents an improvement of 5.2% compared to third quarter 2015 and an overall increase year to date of 1.9%. International prices were also better than anticipated and combined with the higher production drove an improvement in adjusted EBITDA of roughly 5% higher and net income of roughly 6% higher sequentially versus Q2 2016. We think prices for the remainder of 2016 are likely to stay flat with those seen in Q3 and factoring in higher production levels, we remain comfortable with our previous 2016 outlook."

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