A $101.8 million asset impairment charge at its Pasadena, Texas, facility, weighed down Rentech Nitrogen Partners LP’s (RNP) second-quarter results. RNP reported a second-quarter loss of $66.2 million ($1.70 per diluted unit) on sales of $109.8 million, compared to a year-ago loss of $8.9 million ($0.23 per unit) and $113.6 million.
Despite the loss, Rentech said it expects the Pasadena facility to post EBITDA of around $10 million for the year. The Pasadena facility is not a part of the RNP sale to CVR Partners LP announced Aug. 10. Pasadena had a second-quarter operating loss of $58.3 million on sales of $37.8 million from a year-ago loss of $2 million on sales of $40 million.
The East Dubuque, Iowa, facility had second-quarter net income of $41.2 million on sales of $72.1 million, up from the year-ago $31.6 million and $73.9 million, respectively.