A fourth-quarter insurance recovery of $76.2 million significantly boosted the results of LSB Industries Inc.’s Chemical segment. Fourth-quarter Chemical operating income was $67.5 million on sales of $77.6 million up from the year-ago $15.1 million and $105.3 million. Full-year income was $87.8 million on sales of $380.7 million up from $82.1 million and $477.8 million, respectively.
Company-wide, LSB reported fourth-quarter net income of $37.3 million on sales of $149 million, up from $11.6 million and $177.1 million. Full-year income was down at $55 million on sales of $679.3 million versus 2012’s $58.6 million and $759 million, respectively.
LSB Industries Inc. told analysts today that the Pryor, Okla., ammonia plant is in start-up mode though production is currently at low levels. The plant was down during most of fourth-quarter 2013 for repairs. LSB said it went back down in early January after a power problem caused additional damage at the plant. Major products at Pryor are ammonia and UAN.
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