LSB Industries, Inc. (LXU) said Thursday that certain ongoing issues at two of its facilities had adverse impacts on its third quarter results.
The company said its Pryor facility has had continual problems with the ammonia conversion process, as well as unplanned downtime at its main ammonia plant, which have caused fluctuating production levels, preventing it from reaching its targeted production rates of about 600 tons per day.
The company said total ammonia production during the third quarter was about 28,000 tons, or 50% lower than our targeted rate.
As a result, the Pryor facility's third quarter operating income was about $14 million lower than it would have been had ammonia production been at or near target levels, based upon the selling price of ammonia and UAN during the quarter, the company noted.
The company also said third quarter was adversely affected by lost profits and extra expenses at our El Dorado, Arkansas facility following the May 15 explosion which destroyed the Direct Strong Nitric acid plant and caused damage of varying degrees throughout the site.
However, LSB said its consolidated revenues for the third quarter exceeded $180 million, driven by robust pricing in the fertilizer market.
Analysts polled by Thomson Reuters currently expect the company to post revenue of $174.61 million for the third quarter.
The company expects to report its third quarter results on or about November 6.
LSB Industries shares are currently trading at $43.38, down 3 cents.
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