Oklahoma City’s LSB Industries Inc. reported a net loss of $26 million for the third quarter of 2018.
It was an increased loss from the $17.1 million reported for the third quarter of 2017. The 2018 loss figured to be $1.22 a share compared to 91-cents a share a year earlier.
The company said the quarterly loss came despite an increase in net sales from $74.1 million for the third quarter of 2017 to $79.8 million for the third quarter of 2018.
“We generated improved results relative to last year in our seasonally weakest third quarter,” stated Daniel Greenwell, LSB’s President and CEO. “Net sales and adjusted EBITDA increased as a result of stronger pricing across our agricultural and industrial products.”
“All three of our facilities operated well during the period. Cherokee’s ammonia plant ran at a 97% on-stream rate for the quarter after completing a turnaround at the end of August. With the completion of these maintenance activities, Cherokee will not need to undergo another turnaround until the third quarter of 2021, which we expect to enhance our financial performance in the interim years,” said Greenwell.
The El Dorado ammonia plant operated at an 89% on-stream rate and the company plans a short turnaround in 2019. The Pryor ammonia plant ran at a 98_ on-stream rate in the third quarter.
Greenwell anticipates improved earnings in the fourth quarter as the company’s ammonia on-stream rate for its facilities is nearly 94%.