LSB Industries(US:LXU)2024-10-29 20:17Financial Performance - Net sales for Q3 2024 were $109.2 million, a decrease from $114.3 million in Q3 2023, reflecting a decline of approximately 3%[1] - The net loss for Q3 2024 was $25.4 million, compared to a net loss of $7.7 million in Q3 2023, with turnaround costs of approximately $16.3 million and one-time non-cash charges of about $5.6 million included[1] - Gross loss for the three months ended September 30, 2024, was $(3,386) thousand, compared to a gross profit of $74,251 thousand for the same period in 2023[20] - Operating loss for the three months ended September 30, 2024, was $(9,499) thousand, down from an operating income of $48,532 thousand in the prior year[20] - Net loss for the three months ended September 30, 2024, was $(7,726) thousand, compared to a net income of $33,270 thousand for the same period in 2023[20] Adjusted EBITDA - Adjusted EBITDA increased to $17.5 million in Q3 2024, up from $9.2 million in Q3 2023, driven by higher ammonia prices and lower natural gas costs[1] - Adjusted EBITDA for the three months ended September 30, 2024, was $17,464 thousand, up from $9,199 thousand in the same period of 2023[28] Sales and Production - Average selling prices for ammonia rose to $387 per short ton in Q3 2024, a 44% increase from $269 per short ton in Q3 2023[10] - UAN sales volumes decreased by 19% to 95,468 short tons in Q3 2024, down from 118,135 short tons in Q3 2023[10] - Ammonia, AN, Nitric Acid, UAN net sales for the three months ended September 30, 2024, were $101,774 thousand, slightly down from $102,938 thousand in 2023[30] Capital Expenditures and Future Projects - Capital expenditures for Q3 2024 were $31.0 million, focused on improving reliability and expanding UAN capacity at the Pryor facility[1] - The company expects to produce an additional 75,000 tons per year of UAN from the Pryor facility, ramping up production in Q4 2024[2] - The El Dorado facility is set to begin producing low carbon products in 2026, pending EPA permit approval[2] - The Houston Ship Channel project is progressing with a full FEED study expected to start in H1 2025, aiming for completion by mid-2026[2] Balance Sheet and Cash Flow - Total current assets decreased to $314,237 thousand as of September 30, 2024, from $436,742 thousand at December 31, 2023[22] - Total current liabilities increased to $124,348 thousand as of September 30, 2024, compared to $118,529 thousand at December 31, 2023[23] - Cash and cash equivalents decreased to $42,283 thousand as of September 30, 2024, from $98,500 thousand at December 31, 2023[22] - Long-term debt, net, decreased to $475,991 thousand as of September 30, 2024, from $575,874 thousand at December 31, 2023[23] Market Conditions - The ammonia market remains strong, with tight supply-demand dynamics and geopolitical concerns affecting pricing and availability[4]