After a slump in net sales and revenue in the first quarter, LSB Industries, Inc. prepares to release its second quarter earnings report next week.
The release will be made on Wednesday, July 31 after the close of the stock market.
Management of the Oklahoma City-based company plans a conference call the next day, Thursday, August 1 at 9 a.m. central time to discuss the results. Participating in the call will be President & Chief Executive Officer, Mark Behrman, Executive Vice President & Chief Financial Officer, Cheryl Maguire and Executive Vice President & Chief Commercial Officer, Damien Renwick.
In the first quarter, LSB reported net sales of $138 million compared to $181 million a year earlier. And its net income plummeted from $16 million in the first quarter of 2023 to $6 million in this year’s first quarter. The company’s adjusted EBITDA in the first quarter was $33 million compared to $51 million in the 2023 first quarter.
The first quarter drop was not unexpected.
“Our first quarter results were consistent with our expectations for a significant improvement relative to our fourth quarter of 2023,” stated Mark Behrman, LSB Industries’ President and CEO.
“Selling prices remained lower relative to the prior year quarter as the spike in nitrogen prices experienced in 2022 kept prices elevated during the first quarter of 2023.”
