Monday, LSB Industries, Inc. (LXU), a commercial and residential climate control products provider, reported an increase in first quarter profit available to common shareholders from the previous year quarter.
For the first quarter, the company recorded net income of $11.4 million or $0.51 per share, compared to $10.6 million or $0.46 per share for the year-ago quarter.
Net sales for the first quarter dropped 6.4% to $150.2 million from $160.5 million in the prior year quarter.
Six analysts polled by Thomson Reuters expected the company to earn $0.17 per share on revenue of $140.94 million for the first quarter. Analysts' estimates typically exclude special items.
The company reported an operating income of $19.4 million, compared to $19.3 million in the prior year quarter.
Net sales for the climate control business totaled $72.0 million, an 8.6% increase over the first quarter of 2008 primarily due to increases in sales of geothermal and water source heat pumps, offset by a decline in sales of hydronic fan coils and other climate control products.
Jack Golsen, LSB's Board Chairman and CEO stated," Although we had a great first quarter, we see recession related softening of the markets we serve. Construction activity is down and we expect sales of our climate control business products to be lower this year compared to last year."
LXU is currently trading at $13.40 up $1.75, or 14.68% on a volume of 0.57 million on the NYSE.
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