All Posts from February 15, 2017

Martin happy with sulfur/fertilizer results

Martin Midstream Partners LP said its Sulfur Services segment, which also includes fertilizer significantly exceeded expectations in 2016, particularly with a strong performance by its fertilizer business in the second and fourth quarters.

For the year, Sulfur Services operating income was still down 1 percent to $26.8 million on revenues of $141 million from 2015’s $27.1 million and $170.2 million, respectively. Sulfur volumes were off 7 percent to 797,000 lt from 856,000 lt, while fertilizer was down 4 percent to 262,000 lt from 274,000 lt. The company said product demand preferences trended toward higher margin products.

Company-wide, Martin net income was down at $31.6 million on revenues of $827.4 million from 2015’s $38.4 million and $1.04 billion, respectively.

The Andersons upbeat on spring season

The Andersons said Feb. 15 that the company’s Plant Nutrient Group has begun to see signs of improvement in fertilizer orders and price stability in the early weeks of 2017. This follows a couple of quarters of hesitant buying from customers, lower prices, margins and sales.

While the group reported a fourth-quarter pretax loss attributable to The Andersons of $3.8 million on sales of $136.4 million, compared to the year-ago loss of $8 million on sales of $187.9 million, both current and year-ago quarters reflected one-time items, with the recent quarter affected by the $3.3 million closing of a cob production and storage facility in Mount Pulaski, Ill.

Full-year group pretax income was up at $14.2 million on sales of $725.2 million from 2015’s $121,000 and $848.3 million, respectively.

Company-wide, The Andersons were back in the black for the fourth-quarter with income of $11.3 million ($0.36 per diluted share) on sales of $1.11 billion from the year-ago loss of $46.7 million ($1.68 per share) and $1.18 billion, respectively. Full-year income was $14.5 million ($0.41 per share) on sales of $3.92 billion up from 2015’s loss of $11.3 million ($0.46 per share) on $4.2 billion, respectively.

CF posts loss for 4Q, year

CF Industries Holdings Inc. reported a fourth-quarter loss attributable to common stockholders of $320 million ($1.38 per diluted share) on sales of $867 million, down from the year-ago income of $27 million ($0.11 per share) and $1.11 billion, respectively.

The company reported an adjusted net loss of $90 million ($0.39 per share) compared to year-ago income of $168 million ($0.72 per share). During the quarter, CF took a $134 million impairment on its Trinidad nitrogen joint venture, citing long-term challenges to natural gas availability.

The company does expect some $800 million in tax refunds due to a carryback of taxes from the 2016 tax year to prior periods. These primarily relate to accelerated tax depreciation for new capacity projects put into place in 2016.

CF reports that its new Port Neal, Iowa, ammonia and urea plants were successfully commissioned and started up and are producing on-spec product for sale.

While CF reported increased sales volumes during the year, it noted that prices were down, though it noted they rose in the fourth quarter. It expects prices to increase in the first-half, citing in part less product from China. However, it says second-half pricing is uncertain due to the coming online of additional global and North American supplies.

CF reported a full-year net loss of $277 million ($1.19 per share) on sales of $3.68 billion, down from prior year income of $700 million ($2.96 per share) and $4.31 billion, respectively. CF reported adjusted net earnings for the year of $109 million ($0.47 per share) compared to the year-ago $896 million ($3.79 per share).

ICL posts lower 4Q profit and loss for 2016

Israel Chemicals Ltd. reported a $32 million net profit ($0.03 per diluted share) on revenues of $1.348 billion compared to the year ago net income of $96 million ($0.08) on $1.427 billion respectively.

ICL said Q4 sales were impacted by lower fertilizer prices which were partially offset by higher potash volumes in China, Brazil and Europe. Potash shipments increased during Q4 following the late signing of contracts in China and India. The company said potash prices witnessed a moderate recovery over the past several months led by Brazil and U.S. markets, although they still remain below the Q4 2015 levels. Potash volumes increased by 15 percent in Q4 compared to the same quarter in 2015, setting a quarterly record. ICL Dead Sea reported record potash production in 2016.

For the year, ICL reported a $122 million loss ($0.10) on revenues of $5.36 billion compared to full year 2015 net income of $509 million ($0.40) on revenues of $5.4 billion. ICL attributed its full year loss to write offs from the termination of its projects in Ethiopia and Britain and the company’s global computerization (ERP) program.