LSB Industries, Inc. (NYSE:LXU) ("LSB" or the "Company") today announced results for the first quarter ended March 31, 2017.

First Quarter Highlights
  • Net sales from continuing operations of $123.3 million for the first quarter of 2017, an increase of $24.4 million from $98.9 million for the first quarter of 2016
  • Net loss from continuing operations of $6.0 million for the first quarter of 2017, an improvement of $9.8 million from a loss of $15.8 million for the first quarter of 2016
  • Adjusted EBITDA (1) from continuing operations of $20.0 million for the first quarter of 2017, an increase of $11.7 million, from $8.3 million for the first quarter of 2016

(1) This is a Non-GAAP measure. Refer to the Non-GAAP Reconciliation section.

"We have made positive improvements that are reflected in our first quarter 2017 results," stated Daniel Greenwell, LSB's President and CEO. "As anticipated, pricing for our agricultural products, although slightly improved from the fourth quarter of 2016, remained well below prior year levels. However, our performance improved compared to the first quarter of 2016 as a result of stronger operations at our three primary chemical manufacturing facilities, enhanced by the incremental output from the new ammonia plant at El Dorado, which entered service in May of 2016.

"Our Cherokee and Pryor ammonia plants operated at on-stream rates of approximately 99% and 96%, respectively, throughout the first quarter, and have continued their strong performance thus far in April. El Dorado's ammonia on-stream rate continued to improve with the first quarter of 2017 increasing over the fourth quarter of 2016. On-stream rates for the first quarter of 2017 rose to approximately 90% and, for the month of March, achieved 100% while consistently producing at rates in excess of 1,300 tons per day, which is significantly higher than the plant's nameplate capacity of 1,150 tons per day. We expect this to continue throughout 2017."

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