LSB INDUSTRIES, INC.は2024年第3四半期の業績を報告します

オクラホマシティ、オクラホマ...2024年10月29日...LSbインダストリーズ社（nyse: LXU）（以下「LSB」または「会社」）は、2024年9月30日に終了した第三四半期の業績を発表しました。

2024年第3四半期の結果と最近のハイライト

私たち全体のチームに、またもや怪我のない四半期を迎えることに感謝したいと思います。安全への取り組みは、誰もが安全に帰宅できることを確実にします。 「昨年の第3四半期に比べて、調整後のEBITDAが大幅に増加しました」と、lsbインダストリーズの会長、社長、CEOであるマーク・ベルマンは述べています。「年々の改善は、去年と比べてアンモニア価格が上昇し、天然ガス価格が低下したことに加え、産業製品の生産と販売の増加によって推進されました。 これらの好ましい動向が、今期に実施した計画された保守活動の影響を上回りました。」

当社の財務状況は引き続き強く、ビジネスの成長に投資するための十分な財務的柔軟性を提供しています。三半期中には、当社のプライア施設のゼロ事故かつ成功した改修を完了しました。プライアでの投資は、信頼性と日々のアンモニア生産量の向上に焦点を当てており、施設の尿素プラントのデボトルネック解消も含まれています。これにより、UAN生産量が年間追加で75,000トン増加し、第四半期に段階的に増加させています。また、エルドラード施設における5,000トン追加の硝酸貯蔵施設の建設も完了し、これによってこれまで利用できなかった追加の販売機会を活用できるようになっています。これにより、売上ミックスを最適化し、利益を最大化することができるでしょう。施設の信頼性と安全性を向上させるために引き続き資本を投入しています。

11月にはチェロキー施設でのターンアラウンド作業が行われ、2025年第3四半期にはエルドラド施設でのターンアラウンドが予定されています。これらの計画されたメンテナンスおよびアップグレード作業は、生産量の増加やインクリメンタルなEBITDAおよびキャッシュフローの増加につながるはずです。

私たちは、エネルギー転換プロジェクトの2つで進展を続けています。2026年には、エルドラド施設で低炭素製品の生産を開始する予定です。ただし、Lapis Energyと提出されたClass VI許可がEPAによって承認されることが前提となります。私たちは、LapisおよびEPAと協力して、エルドラドの当社サイトに2つの注入井を掘削することを可能にする建設許可の発行に向けて作業を進めています。この許可は私たちにとって重要な要素です。このプロジェクトの経済的側面を支援するため、今年初めに、エルドラドで製造される低炭素アンモニウム硝酸ソリューションの最初のオフテイク顧客を発表できたことをうれしく思います。

「ヒューストン船舶運河プロジェクトに関して、Pre-FEED調査を完了し、結果に取り組んでおり、潜在顧客と協力してFEED調査のためのエンジニアリング請負業者を選定する準備を進めています。2025年上半期に完全なFEED調査を開始し、その後2026年半ばまでに完成する予定です。その後FIDに移行することを予定しています。」

私たちは、低炭素製品の戦略を、当社の主力製造資産からの生産および販売量を増やす短期の機会を補完し、潜在的な複数年の利益成長エンジンとして捉えています。

市場展望

低炭素アンモニアプロジェクト概要

Third Quarter Results Overview

Comparison of 2024 to 2023 quarterly periods:

The following tables provide key sales metrics for our products:

(A) Average selling prices represent “net back” prices which are calculated as sales less freight expenses divided by product sales volume in tons.

Conference Call

LSB’s management will host a conference call covering the third quarter results on Wednesday, October 30, 2024 at 10:00 am ET / 9:00 am CT to discuss these results and recent corporate developments. Participating in the call will be Chairman, President & Chief Executive Officer, Mark Behrman, Executive Vice President & Chief Financial Officer, Cheryl Maguire and Executive Vice President & Chief Commercial Officer, Damien Renwick. Interested parties may participate in the call by dialing (877) 407-6176 / (201) 689-8451. Please call in 10 minutes before the conference is scheduled to begin and ask for the LSB conference call.

A webcast of the call, along with a slide presentation that coincides with management’s prepared remarks, will be available in the Investors section of LSB’s website, at www.lsbindustries.com. The webcast can be found under Events & Presentations. If you are unable to listen to the live call, the conference call webcast will be archived on LSB’s website.

LSB Industries, Inc.

LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, is committed to playing a leadership role in the energy transition through the production of low and no carbon products that build, feed and power the world. The LSB team is dedicated to building a culture of excellence in customer experiences as we currently deliver essential products across the agricultural, industrial, and mining end markets and, in the future, the energy markets. The company manufactures ammonia and ammonia-related products at facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma and operates a facility for a global chemical company in Baytown, Texas. Additional information about LSB can be found on our website at www.lsbindustries.com.

Forward-Looking Statements

Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance and anticipated performance based on our growth and other strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or actual achievements to differ materially from the results, level of activity, performance or anticipated achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, business and market disruptions, market conditions and price volatility for our products and feedstocks, as well as global and regional economic downturns that adversely affect the demand for our end-use products; disruptions in

production at our manufacturing facilities and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission.

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.

See Accompanying Tables

LSB Industries, Inc.

Consolidated Statements of Operations

LSB Industries, Inc.

Consolidated Balance Sheets

LSB Industries, Inc.

Consolidated Balance Sheets (continued)

Non-GAAP Reconciliations

This news release includes certain “non-GAAP financial measures” under the rules of the Securities and Exchange Commission, including Regulation G. These non-GAAP measures are calculated using GAAP amounts in our consolidated financial statements.

EBITDA and Adjusted EBITDA Reconciliation

EBITDA is defined as net income (loss) plus interest expense and interest income, net, less gain on extinguishment of debt, plus depreciation and amortization (D&A) (which includes D&A of property, plant and equipment and amortization of intangible and other assets), plus provision (benefit) for income taxes. Adjusted EBITDA is reported to show the impact of non-cash stock-based compensation, one time/non-cash or non-operating items-such as, one-time income or fees, loss (gain) on sale of a business and/or other property and equipment, certain fair market value (FMV) adjustments, and consulting costs associated with reliability and purchasing initiatives (Initiatives). We historically have performed turnaround activities on an annual basis; however, we have moved towards extending turnarounds to a two or three-year cycle. Rather than being capitalized and amortized over the period of benefit, our accounting policy is to recognize the costs as incurred. Given these turnarounds are essentially investments that provide benefits over multiple years, they are not reflective of our operating performance in a given year.

We believe that certain investors consider EBITDA a useful means of measuring our ability to meet our debt service obligations and evaluating our financial performance. In addition, we believe that certain investors consider adjusted EBITDA as more meaningful to further assess our performance. We believe that the inclusion of supplementary adjustments to EBITDA is appropriate to provide additional information to investors about certain items.

EBITDA and adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for net income, operating income, cash flow from operations or other consolidated income or cash flow data prepared in accordance with GAAP. Because not all companies use identical calculations, this presentation of EBITDA and adjusted EBITDA may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to EBITDA and adjusted EBITDA for the periods indicated.

Non-GAAP Reconciliations (continued)

Ammonia, AN, Nitric Acid, UAN Sales Price Reconciliation

The following table provides a reconciliation of total identified net sales as reported under GAAP in our consolidated financial statements reconciled to netback sales which is calculated as net sales less freight and other non-netback costs. We believe this provides a relevant industry comparison among our peer group.