Rentech Nitrogen Partners LP reported fourth-quarter 2015 results March 16 which are still being weighed down by writedowns at its Pasadena facility–$26.3 million in the fourth quarter, $160.6 million for the year. As a result, a fourth-quarter loss of $18.8 million ($0.48 per diluted share) on revenues of $77.4 million was reported versus the year-ago net income of $7.8 million ($0.20 per share) and $80.6 million, respectively. Absent impairments fourth-quarter net income was $7.6 million.
Full-year net losses were $101.5 million ($2.62 per share) on revenues of $340.7 million, compared to 2015’s loss of $1.1 million ($0.03 per share) and $334.6 million, respectively. Absent the impairments, Rentech had net income of $59.1 million.
Net income for Rentech’s East Dubuque nitrogen facility was improved for both the fourth quarter and the year, while the Pasadena unit was impacted by the impairments.
Rentech expects to sell its East Dubuque assets to CVR Partners LP by the end of the month, and this week announced it is selling Pasadena to Pasadena Commodities International, an affiliate of Interoceanic Corp. (IOC), who is the plant’s long-time distributor for ammonium sulfate.