US Market News
2月前
LSB Industries, Inc. Reports Operating Results for the 2026 First QuarterApril 29, 2026 4:10 PM
Business Wire
LSB Industries, Inc. (NYSE: LXU) (“LSB,” “we,” “us,” “our,” or the “Company”) today announced results for the first quarter ended March 31, 2026.
First Quarter 2026 Results and Recent Highlights
Net sales of $169.5 million compared to $143.4 million in the first quarter of 2025
Net income of $19.7 million compared to a net loss of $1.6 million in the first quarter of 2025
Diluted EPS of $0.27 compared to $(0.02) for the first quarter of 2025
Adjusted EBITDA(1) of $52.1 million compared to $29.1 million in the first quarter of 2025
Total cash, cash equivalents and short-term investments of approximately $181.7 million and total debt of $441.2 million as of March 31, 2026
“I am pleased with our first quarter results, as they are in-line with our overall expectations. Our results reflect the impact of the operational discipline we have been building and executing over the past several years. Our progress is increasingly evident over the past two quarters, driving improved operating and financial performance,” stated Mark Behrman, LSB Industries' Chairman & Chief Executive Officer. “The evolving geopolitical landscape, including the conflict in the Middle East and associated disruption of production facilities and important trade channels, is significantly impacting the global availability of nitrogen fertilizers. Importantly, our improved operating performance is enabling us to maximize fertilizer production and support US farmers with additional supply in this difficult time. We are encouraged by our continued execution across the business and believe it positions us to continue supporting our customers and deliver sustainable growth and long-term value creation.”
(1)
Adjusted EBITDA and EBITDA are non-GAAP financial measures. Please see the discussion below under the heading “Non-GAAP Reconciliations” and the reconciliations at the end of this release for additional information concerning these and other non-GAAP financial measures
Market Outlook
Industrial business is strong with positive market conditions:
Supply of Ammonium Nitrate (AN) for explosives in mining and quarrying/aggregate production is constrained in North America due in part to producer outages. Demand for AN across all commodities remains strong, particularly with copper and gold miners maximizing production to take advantage of strong supply and demand fundamentals in their markets, leading to tight market conditions and higher AN selling prices.
Demand for nitric acid is robust domestically, where it is supported by tariffs and countervailing duties on imports of methylene diphenyl diisocyanate (MDI). The duties were finalized on April 8, 2026, for a period of five years.
Fertilizer markets are tight due to the conflicts in the Middle East and pricing remains strong:
Ammonia prices currently reflect:
Significantly reduced ammonia supplies due to ammonia vessels unable to transit through the Strait of Hormuz
Higher costs of production in Europe
Ongoing curtailment of ammonia production in Trinidad and new production outages in Australia
Increased import demand in India to offset reduced supply of LNG
Potential export controls in China
Gas supply disruptions in North Africa reducing ammonia production, and
Slow ramp up in new US production capacity, which is constraining global supply availability
Urea Ammonium Nitrate (UAN) prices recently improved, reflecting:
Increased demand ahead of the Spring fertilizer application season
Continued lower-than-expected working inventory through the supply chain
Like ammonia, significantly reduced urea supplies due to vessels unable to transit through the Strait of Hormuz leading to a strengthening in urea prices and higher UAN demand as customers switch from urea to UAN
Strong import demand for Urea in India and increased government subsidies to support purchases
Other notable developments include:
Increasing and frequent drone attacks on Russian nitrogen plants and ports
Russian export ban on AN for one month, with potential extension
Limited Urea exports from China as they appear to continue to prioritize domestic supply
Corn market dynamics support fertilizer demand:
Demand is keeping stocks-to-use near historical levels (ending projections for 2025/26 crop year in USDA’s April WASDE is 12.9% versus long-term average of ~13%)
USDA projecting 95+ million planted acres for corn for the 2026/27 crop season and we anticipate robust nitrogen demand through the full fertilizer application season
Low Carbon Ammonia Project Summary
El Dorado Carbon Capture and Sequestration (CCS) Project with Lapis Carbon Solutions
Expect to capture and sequester between 400,000 and 500,000 metric tons of CO2 per year, which would reduce our Scope 1 emissions by approximately 25%, yielding between 305,000 and 380,000 metric tons per year of low carbon ammonia
Completed stratigraphic well in June 2025 to provide data to support EPA in review of Class VI application
Lapis Carbon Solutions resubmitted the pre-construction Class VI permit application to the EPA in December 2025. Once the project receives EPA approval, we intend to use the completed stratigraphic well for CO2 injections
Expect to begin operations in Q4 ‘26/Q1 ‘27
First Quarter Results Overview
Three Months Ended March 31,
2026
2025
% Change
Product Sales
(In Thousands)
AN & Nitric Acid
$
75,347
$
57,618
31
%
Urea ammonium nitrate (UAN)
49,171
43,865
12
%
Ammonia
36,814
33,272
11
%
Other
8,155
8,677
(6
)%
Total net sales
$
169,487
$
143,432
Comparison of First Quarter of 2026 to 2025:
Higher selling prices combined with increased AN and Nitric Acid volumes resulted in higher net sales for the period compared to the previous year. Tight market conditions shifted some production toward AN, resulting in lower UAN sales volumes. In addition, ammonia sales were impacted slightly as we built inventory in preparation for the scheduled turnaround at our El Dorado facility in the second quarter.
The following tables provide key sales metrics for our products:
Three Months Ended March 31,
Key Product Volumes (short tons sold)
2026
2025
% Change
AN & Nitric Acid
177,862
150,531
18
%
Urea ammonium nitrate (UAN)
128,623
148,565
(13
)%
Ammonia
66,040
73,403
(10
)%
372,525
372,499
0
%
Average Selling Prices (price per short ton) (A)
AN & Nitric Acid
$
372
$
324
15
%
Urea ammonium nitrate (UAN)
$
344
$
253
36
%
Ammonia
$
530
$
432
23
%
(A) Average selling prices represent “net back” prices which are calculated as sales less freight expenses divided by product sales volume in tons. Please see the discussion below under the heading “Ammonia, AN, Nitric Acid, UAN Sales Price Reconciliation” and the reconciliations at the end of this release for additional information concerning this financial measure.
Three Months Ended March 31,
Average Benchmark Prices (price per ton)
2026
2025
% Change
Tampa Ammonia Benchmark
$
621
$
491
26
%
NOLA UAN
$
347
$
276
26
%
Three Months Ended March 31,
2026
2025
% Change
Input Costs
Average natural gas cost/MMBtu in cost of materials and other
$
5.26
$
3.78
39
%
Conference Call
LSB’s management will host a conference call on Thursday, April 30, 2026 at 10:00 am ET / 9:00 am CT to discuss first quarter 2026 results and recent corporate developments. Participating in the call will be Chairman & 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 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 and industrial 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, include, but are not limited to, statements regarding: our business strategy; anticipated future operating results and operating expenses, cash flows, capital resources and liquidity; trends, opportunities and risks affecting our business, industry and financial results; our ability to successfully leverage our existing business platform and portfolio of assets to produce low carbon products; the impact of trade policy on our business; the availability of raw materials; production volumes at our production facilities; and the anticipated cost and timing of our capital projects, including turnarounds. Forward-looking statements can generally be identified by words or phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “will,” “may,” “plan,” “potential,” “should,” “would,” and similar words or phrases, as well as by discussions of strategy, plans or intentions. 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 relate to, but are not limited to, business and market disruptions; market conditions and price volatility for our products and feedstocks; global and regional economic downturns that adversely affect the demand for our end-use products; disruptions in production at our manufacturing facilities; increased competitive pressures; our ability to fund the working capital and expansion of our businesses; recruiting and retaining skilled and qualified personnel; our ability to obtain necessary raw materials and purchased components; material increases in cost of raw materials; obtaining and maintaining necessary permits; and other financial, economic, competitive, environmental, political, legal and regulatory factors, including tariffs. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission, including but not limited to our most recent Annual Report on Form 10-K.
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.
LSB Industries, Inc.
Consolidated Statements of Operations
Three Months Ended March 31,
2026
2025
(In Thousands, Except Per Share Amounts)
Net sales
$
169,487
$
143,432
Cost of sales
133,693
129,048
Gross profit
35,794
14,384
Selling, general and administrative expense
13,825
10,153
Other income, net
(1,187
)
(237
)
Operating income
23,156
4,468
Interest expense, net
7,117
8,064
Non-operating other income, net
(1,516
)
(1,673
)
Income (loss) before income taxes
17,555
(1,923
)
Benefit for income taxes
(2,130
)
(283
)
Net income (loss)
$
19,685
$
(1,640
)
Net income (loss) per common share:
Basic:
Net income (loss)
$
0.27
$
(0.02
)
Diluted:
Net income (loss)
$
0.27
$
(0.02
)
LSB Industries, Inc.
Consolidated Balance Sheets
March 31, 2026
December 31, 2025
(In Thousands)
Assets
Current assets:
Cash and cash equivalents
$
20,641
$
19,511
Short-term investments
161,042
128,960
Accounts receivable
52,864
57,609
Allowance for doubtful accounts
(363
)
(401
)
Accounts receivable, net
52,501
57,208
Inventories:
Finished goods
20,906
16,705
Raw materials
2,334
1,605
Total inventories
23,240
18,310
Supplies, prepaid items and other:
Prepaid insurance
8,953
12,588
Precious metals
15,793
14,538
Supplies
34,080
33,399
Other
4,051
5,380
Total supplies, prepaid items and other
62,877
65,905
Current assets held for sale
1,000
3,400
Total current assets
321,301
293,294
Property, plant and equipment, net
825,572
833,525
Other assets:
Operating lease assets
43,416
45,571
Intangible and other assets, net
1,068
1,149
Total other assets
44,484
46,720
Total assets
$
1,191,357
$
1,173,539
LSB Industries, Inc.
Consolidated Balance Sheets (continued)
March 31, 2026
December 31, 2025
(In Thousands)
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
62,465
$
64,514
Short-term financing
7,186
10,686
Accrued and other liabilities
34,143
29,551
Current portion of long-term debt
770
760
Total current liabilities
104,564
105,511
Long-term debt, net
440,433
440,295
Noncurrent operating lease liabilities
35,774
37,668
Other noncurrent accrued and other liabilities
535
535
Deferred income taxes
67,102
69,557
Stockholders' equity:
Common stock, $.10 par value per share; 150 million shares authorized,
91.2 million shares issued
9,117
9,117
Capital in excess of par value
507,655
506,821
Retained earnings
251,960
232,275
768,732
748,213
Less treasury stock, at cost:
Common stock, 19.3 million shares (19.5 million shares at December 31, 2025)
225,783
228,240
Total stockholders' equity
542,949
519,973
Total liabilities and stockholders’ equity
$
1,191,357
$
1,173,539
Non-GAAP Reconciliations
To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present certain non-GAAP financial measures in this press release and on the related teleconference call.
EBITDA and Adjusted EBITDA Reconciliation
Management uses EBITDA and adjusted EBITDA as supplemental measures to review and assess the performance of our core business operations and for planning purposes. 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)
LSB Consolidated ($ In Thousands)
Three Months Ended
March 31,
2026
2025
Net income (loss)
$
19,685
$
(1,640
)
Plus:
Interest expense and interest income, net
5,585
6,332
Depreciation and amortization
20,919
20,151
Benefit for income taxes
(2,130
)
(283
)
EBITDA
44,059
$
24,560
Stock-based compensation
4,788
1,733
Legal Fees & Settlements - Specific Matters
154
671
(Gain) Loss on disposal or write down of assets
(789
)
71
Turnaround costs
3,894
1,995
Growth Initiatives
—
53
Adjusted EBITDA
$
52,106
$
29,083
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.
Three Months Ended
March 31,
2026
2025
(In Thousands)
Ammonia, AN, Nitric Acid, UAN net sales
$
161,332
$
134,755
Less freight and other
15,939
16,780
Ammonia, AN, Nitric Acid, UAN netback sales
$
145,393
$
117,975
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429450667/en/
Company Contact:
Cheryl Maguire, Executive Vice President & CFO
(405) 510-3524
Investors@lsbindustries.com
David Kimmel, Director of Communications
(405) 815-4645
dkimmel@lsbindustries.com
Original: LSB Industries, Inc. Reports Operating Results for the 2026 First Quarter
US Market News
4月前
LSB Industries, Inc. Reports Operating Results for the 2025 Fourth Quarter and Full Year and Provides Product Sales Volume Outlook for 2026February 25, 2026 4:10 PM
Business Wire
LSB Industries, Inc. (NYSE: LXU) (“LSB,” “we,” “us,” “our,” or the “Company”) today announced results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Results and Recent Highlights
Net sales of $165.0 million compared to $134.9 million in the fourth quarter of 2024
Net income of $16.1 million compared to a net loss of $9.1 million in the fourth quarter of 2024
Diluted EPS of $0.22 compared to $(0.13) for the fourth quarter of 2024
Adjusted EBITDA(1) of $54.1 million compared to $37.6 million in the fourth quarter of 2024
Repurchased $7.5 million in principal amount of Senior Secured Notes for approximately $7.4 million in the fourth quarter of 2025; repurchased approximately 0.3 million shares of common stock for approximately $2.8 million in the fourth quarter of 2025
Full Year 2025 Results and Highlights
Net sales of $615.2 million compared to $522.4 million in the full year 2024
Net income of $24.6 million compared to net loss of $19.4 million in the full year 2024
Diluted EPS of $0.34 compared to $(0.27) for the full year 2024
Adjusted EBITDA(1) of $161.5 million compared to $129.5 million in the full year 2024
Total cash, cash equivalents and short-term investments of approximately $148.5 million and total debt of $441.0 million as of December 31, 2025
Repurchased $39.9 million in principal amount of Senior Secured Notes for approximately $39.5 million in 2025; repurchased approximately 0.3 million shares of common stock for approximately $2.8 million in 2025
Total Recordable Injury Rate of 0.40 (“TRIR”) for the full year 2025(2)
“I am proud of the progress that the team made across our business in 2025. We continued to improve our overall safety performance by achieving a 12-month rolling total reportable incident rate (TRIR) of 0.40 incidents per 200,000 work hours as of December 31, 2025, a record low. We also saw three of our four sites operate injury free for the full year. We delivered significant year-over-year growth in net sales, adjusted EBITDA and EPS in both the fourth quarter and full-year 2025,” stated Mark Behrman, LSB Industries' Chairman & Chief Executive Officer. “Our focused efforts to improve our production performance, combined with disciplined commercial execution, supported our strong financial results and reinforced our ability to convert market conditions into enhanced profitability. The operational progress we achieved during the year enabled us to fully capitalize on favorable pricing momentum across our key products.”
“As we look at the year ahead, we expect to build on the strong operational execution that delivered record nitric acid and ammonium nitrate solution production in 2025. These records reflect the progress we’ve made in plant reliability, throughput, and operational efficiency, which are being driven by operational discipline, process enhancements, and consistent execution, as well as the investment of capital. We are excited about the year ahead and our expectations for generating increased value for shareholders. I am confident in our team’s ability to deliver on our goals for the year.”
(1)
Adjusted EBITDA and EBITDA are non-GAAP financial measures. Please see the discussion below under the heading “Non-GAAP Reconciliations” and the reconciliations at the end of this release for additional information concerning these and other non-GAAP financial measures.
(2)
Combined TRIR includes both employees and contractors.
Market Outlook
Industrial business remains consistent:
Demand for Ammonium Nitrate (AN) for explosives in mining is strong across all commodities, particularly with copper and gold miners as they maximize production to take advantage of record prices
AN demand for explosives for quarrying/aggregate production for infrastructure upgrade and expansion remains steady
Demand for coal production increased slightly as the U.S. sought to generate more power from coal, supporting demand for AN
Robust demand for domestic nitric acid, supported by tariffs and preliminary anti-dumping duties on imports of methylene diphenyl diisocyanate (MDI)
Agricultural markets are healthy and pricing remains strong:
Ammonia prices currently reflect:
reduced ammonia supply from the Middle East and Trinidad
higher costs of production in Europe and
delays in new production capacity, which are constraining global supply availability
Urea Ammonium Nitrate (UAN) prices recently improved, reflecting:
continued low levels of domestic inventory
constrained supply and a strengthening in Urea prices
Corn market dynamics support fertilizer demand:
Although 2025’s record crop exceeded the previous 2023 high, demand is keeping stocks-to-use only modestly above historical levels
The USDA recently projected 94 million planted acres for corn for the 2027 season and we anticipate nitrogen demand to track closely with recent years
Low Carbon Ammonia Projects Summary
El Dorado Carbon Capture and Sequestration (CCS) Project with Lapis Carbon Solutions
Expect to capture and sequester between 400,000 and 500,000 metric tons of CO2 per year, which would reduce our Scope 1 emissions by approximately 25%, yielding between 305,000 and 380,000 metric tons per year of low carbon ammonia
Completed stratigraphic well in June to provide data to support EPA in review of Class VI application
Lapis Carbon Solutions resubmitted the pre-construction Class VI permit application to the EPA in December 2025. Once the project receives EPA approval, which is expected in Q4 2026, we intend to use the completed stratigraphic well for CO2 injections
Expect to begin operations by the end of 2026
Fourth Quarter Results Overview
For the Three Months Ended December 31,
2025
2024
% Change
Product Sales ($ in Thousands)
(In Thousands)
AN & Nitric Acid
$
64,683
$
57,620
12
%
Urea ammonium nitrate (UAN)
43,505
30,132
44
%
Ammonia
49,447
40,194
23
%
Other
7,414
6,960
7
%
Total net sales
$
165,049
$
134,906
Comparison of Fourth Quarter of 2025 to 2024:
Higher selling prices combined with increased volumes resulted in higher net sales for the period. Sales volumes were higher as a result of higher operating rates combined with no planned turnaround activity in 2025 as compared to the fourth quarter of 2024.
The following tables provide key sales metrics for our products:
For the Three Months Ended December 31,
Key Product Volumes (short tons sold)
2025
2024
% Change
AN & Nitric Acid
169,702
150,054
13
%
Urea ammonium nitrate (UAN)
114,949
114,875
0
%
Ammonia
89,771
85,678
5
%
374,422
350,607
7
%
Average Selling Prices (price per short ton) (A)
AN & Nitric Acid
$
334
$
308
8
%
Urea ammonium nitrate (UAN)
$
336
$
221
52
%
Ammonia
$
522
$
449
16
%
(A)
Average selling prices represent “net back” prices which are calculated as sales less freight expenses divided by product sales volume in tons. Please see the discussion below under the heading “Ammonia, AN, Nitric Acid, UAN Sales Price Reconciliation” and the reconciliations at the end of this release for additional information concerning this financial measure.
For the Three Months Ended December 31,
Average Benchmark Prices (price per ton)
2025
2024
% Change
Tampa Ammonia Benchmark
$
627
$
564
11
%
NOLA UAN
$
320
$
230
39
%
Three Months Ended December 31,
2025
2024
% Change
Input Costs
Average natural gas cost/MMBtu in cost of materials and other
$
3.35
$
2.45
37
%
Average natural gas cost/MMBtu used in production
$
3.57
$
2.79
28
%
Volume Outlook(1)
Estimated ammonia production and product sales volumes for the full year 2026 are as follows:
Products
2026E
2025A
Ammonia Production (tons):
780,000 - 810,000
826,000
Ammonia Turnaround Impact(2)
~60,000
Sales Volume (tons):
AN & Nitric Acid
630,000 - 660,000
641,000
Urea Ammonium Nitrate (UAN)
530,000 - 560,000
550,000
UAN Turnaround Impact(2)
~50,000
Ammonia
260,000 - 290,000
316,000
(1) 2026 ammonia production and product sales volumes forecast reflects turnaround activity at El Dorado, Pryor and Cherokee facilities, versus no planned turnarounds in 2025.
(2) 2026 reflects planned turnaround activity that will lower ammonia and UAN production by ~60k tons and ~50k tons, respectively.
Conference Call
LSB’s management will host a conference call on Thursday, February 26, 2026 at 10:00 am ET / 9:00 am CT to discuss fourth quarter and full year 2025 results and recent corporate developments. Participating in the call will be Chairman & 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 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 and industrial 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, include, but are not limited to, statements regarding: our business strategy; anticipated future operating results and operating expenses, cash flows, capital resources and liquidity; trends, opportunities and risks affecting our business, industry and financial results; our ability to successfully leverage our existing business platform and portfolio of assets to produce low carbon products; the impact of trade policy on our business; the availability of raw materials; production volumes at our production facilities; and the anticipated cost and timing of our capital projects, including turnarounds. Forward-looking statements can generally be identified by words or phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “will,” “may,” “plan,” “potential,” “should,” “would,” and similar words or phrases, as well as by discussions of strategy, plans or intentions. 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 relate to, but are not limited to, business and market disruptions; market conditions and price volatility for our products and feedstocks; global and regional economic downturns that adversely affect the demand for our end-use products; disruptions in production at our manufacturing facilities; increased competitive pressures; our ability to fund the working capital and expansion of our businesses; recruiting and retaining skilled and qualified personnel; our ability to obtain necessary raw materials and purchased components; material increases in cost of raw materials; obtaining and maintaining necessary permits; and other financial, economic, competitive, environmental, political, legal and regulatory factors, including tariffs. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission, including but not limited to our most recent Annual Report on Form 10-K.
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.
LSB Industries, Inc.
Consolidated Statements of Operations
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
(In Thousands, Except Per Share Amounts)
Net sales
$
165,049
$
134,906
$
615,208
$
522,400
Cost of sales
123,847
128,857
510,906
474,603
Gross profit
41,202
6,049
104,302
47,797
Selling, general and administrative expense
11,177
9,884
41,507
41,767
Other expense (income), net
3,341
2,910
5,521
11,535
Operating income (loss)
26,684
(6,745
)
57,274
(5,505
)
Interest expense, net
7,344
8,223
30,657
34,452
(Gain) loss on extinguishments of debt
(7
)
—
52
(3,013
)
Non-operating income, net
(1,384
)
(1,764
)
(5,984
)
(10,907
)
Income (loss) before provision (benefit) for income taxes
20,731
(13,204
)
32,549
(26,037
)
Provision (benefit) for income taxes
4,599
(4,055
)
7,936
(6,684
)
Net income (loss)
$
16,132
$
(9,149
)
$
24,613
$
(19,353
)
Income (loss) per common share
Basic:
Net income (loss)
$
0.22
$
(0.13
)
$
0.34
$
(0.27
)
Diluted:
Net income (loss)
$
0.22
$
(0.13
)
$
0.34
$
(0.27
)
LSB Industries, Inc.
Consolidated Balance Sheets
December 31,
2025
2024
(In Thousands)
Assets
Current assets:
Cash and cash equivalents
$
19,511
$
20,230
Short-term investments
128,960
163,971
Accounts receivable
57,609
39,083
Allowance for doubtful accounts
(401
)
(323
)
Accounts receivable, net
57,208
38,760
Inventories:
Finished goods
16,705
22,382
Raw materials
1,605
2,519
Total inventories
18,310
24,901
Supplies, prepaid items and other:
Prepaid insurance
12,588
14,345
Precious metals
14,538
11,596
Supplies
33,399
31,995
Other
5,380
3,916
Total supplies, prepaid items and other
65,905
61,852
Assets held for sale
3,400
—
Total current assets
293,294
309,714
Property, plant and equipment, net
833,525
847,570
Other assets:
Operating lease assets
45,571
28,727
Intangible and other assets, net
1,149
1,177
Total other assets
46,720
29,904
Total assets
$
1,173,539
$
1,187,188
LSB Industries, Inc.
Consolidated Balance Sheets (continued)
December 31,
2025
2024
(In Thousands)
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
64,514
$
82,180
Short-term financing
10,686
12,146
Accrued and other liabilities
29,551
32,192
Current portion of long-term debt
760
9,116
Total current liabilities
105,511
135,634
Long-term debt, net
440,295
476,163
Noncurrent operating lease liabilities
37,668
21,387
Other noncurrent accrued liabilities
535
456
Deferred income taxes
69,557
61,908
Commitments and contingencies
Stockholders' equity:
Common stock, $.10 par value per share; 150 million shares authorized, 91.2 million shares issued
9,117
9,117
Capital in excess of par value
506,821
504,578
Retained earnings
232,275
207,662
Total stockholders’ equity
748,213
721,357
Less treasury stock, at cost:
Common stock, 19.5 million shares (19.5 million shares at December 31, 2024)
228,240
229,717
Total stockholders' equity
519,973
491,640
Total liabilities and stockholders’ equity
$
1,173,539
$
1,187,188
Non-GAAP Reconciliations
To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present certain non-GAAP financial measures in this press release and on the related teleconference call.
EBITDA and Adjusted EBITDA Reconciliation
Management uses EBITDA and adjusted EBITDA as supplemental measures to review and assess the performance of our core business operations and for planning purposes. 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)
LSB Consolidated ($ In Thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net income (loss)
$
16,132
$
(9,149
)
$
24,613
$
(19,353
)
Plus:
Interest expense and interest income, net
5,924
6,106
24,539
23,087
Gain on extinguishment of debt
(7
)
—
52
(3,013
)
Depreciation and amortization
21,672
21,853
81,930
74,478
Provision (benefit) for income taxes
4,599
(4,055
)
7,936
(6,684
)
EBITDA
$
48,320
$
14,755
$
139,070
$
68,515
Stock-based compensation
1,831
1,565
7,371
6,607
Restructuring costs
—
—
1,063
—
Legal Fees & Settlements - Specific Matters
32
545
981
3,536
Loss on write down of assets
3,401
3,122
6,433
11,703
Turnaround costs
436
17,143
6,158
37,781
Growth Initiatives
64
436
470
1,378
Adjusted EBITDA
$
54,084
$
37,566
$
161,546
$
129,520
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.
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
(In Thousands)
(In Thousands)
Ammonia, AN, Nitric Acid, UAN net sales
$
157,635
$
127,946
$
579,206
$
488,575
Less freight and other
15,458
17,839
66,768
63,047
Ammonia, AN, Nitric Acid, UAN netback sales
$
142,177
$
110,107
$
512,438
$
425,528
View source version on businesswire.com: https://www.businesswire.com/news/home/20260225704169/en/
Company Contact:
Cheryl Maguire, Executive Vice President & CFO
(405) 510-3524
Investors@lsbindustries.com
David Kimmel, Director of Communications
(405) 815-4645
dkimmel@lsbindustries.com
Original: LSB Industries, Inc. Reports Operating Results for the 2025 Fourth Quarter and Full Year and Provides Product Sales Volume Outlook for 2026
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