After a disappointing third quarter in 2023, Oklahoma City’s LSB Industries plans a release of its fourth quarter report in March.
The company said the financial results for the quarter ended December 31, 2023 will be made public on Tuesday, March 5 after the close of the stock market.
Company management will hold a conference call the next day, Wednesday March 6 at 9 a.m. Central Time. President and CEO Mark Behrman and Executive Vice President & Chief Financial Officer Cheryl Maguire will discuss the results.
LSB reported $114 million in net sales in the third quarter, down from the $184 million reported in the third quarter of 2022. It also incurred a net loss of $8 million compared to $2 million in net income a year earlier. Adjusted EBITDA was $9 million while it had $50 million in the third quarter of 2022.
“Our third quarter results were disappointing relative to our expectations headed into the period,” stated Mark Behrman, LSB Industries’ President and CEO in November of last year.
“We continue to experience a weaker pricing environment relative to last year, but our results were also impacted by lower production volumes versus our expectations.”
He said improved nitrogen pricing should help LSB’s profitability this year. LSB has ammonia and ammonia-related plants in Pryor, Oklahoma, Cherokee, Alabama and in El Dorado, Arkansas.