LSB Industries, Inc. has reported its second-quarter 2024 results, indicating positive performance in the agri-chemical sector. The company achieved net sales of $140 million, net income of $10 million, and diluted EPS of $0.13. LSB Industries' president and CEO, Mark Behrman, expressed optimism about the demand for low carbon nitrogen products and highlighted the company's agreement to supply low carbon ammonium nitrate solution (ANS) to Freeport Minerals Corporation [a07dd356].
The industrial business of LSB Industries remains stable, with steady demand for nitric acid and ammonium nitrate. This stability is supported by the strength of the U.S. economy and robust consumer spending levels. The ammonia market is healthy, and pricing has been strong due to limited global supply and delayed startup of new production capacity. LSB Industries is also making progress on its clean ammonia projects, including the El Dorado Carbon Capture and Sequestration (CCS) Project and the Houston Ship Channel project. The company aims to become a leader in the global energy transition through the production of low carbon ammonia and downstream products in the coming years [a07dd356].
LSB Industries has repurchased shares of common stock and Senior Secured Notes, demonstrating its commitment to enhancing shareholder value. As of June 30, 2024, the company had a total debt of approximately $486 million and total cash of approximately $216 million. LSB Industries' positive quarterly results and outlook reflect its strong position in the agri-chemical sector and its focus on low carbon nitrogen products and clean ammonia projects [a07dd356].