Terra Nitrogen reports 1Q net income of $43.3 M

Sioux City-Terra Nitrogen Co. LP (TNCLP) reported net income of $43.3 million ($1.49 per common unit) on revenues of $165.3 million for the first quarter ending March 31, 2009, versus the year-ago $81.6 million ($3.93 per unit) and $174.5 million, respectively. TNCLP said earnings were down due to lower ammonia selling prices and UAN sales volumes, partially offset by higher ammonia sales volumes and lower natural gas prices. The lower ammonia prices were in part due to decreased industrial demand in light of the economic slowdown. UAN volumes were off due to growers having delayed their purchasing commitments. First-quarter ammonia sales volumes were 105,000 st with an average unit price of $437/st, versus the year-ago 38,000 st and $519/st, respectively. First-quarter UAN volumes were 367,000 st with an average price of $289/st, compared to the year-ago 502,000 st and $281/st, respectively. The average gas cost was $7.07/mmBtu versus the year-ago $7.16/mmBtu. TNCLP also announced a cash distribution for the quarter of $2.10 per common limited partnership unit payable May 27, 2009, to holders of record as of May 5, 2009.