Terra Nitrogen posts net income of $130.2 M

Sioux City-Terra Nitrogen Co. LP reported net income of $130.2 million ($4.01 per common unit) on sales of $256.7 million for the second quarter ending June 30, compared to the year-ago $57 million ($3.02 per unit) and $177.4 million. Ammonia and UAN selling prices increased 45 and 46 percent, respectively. Ammonia sales volumes increased by 22 percent and UAN decreased by 6 percent. Six-month net income was $211.7 million ($7.94 per unit) on sales of $431.2 million, up from the year-ago $92.4 million ($4.89 per unit) and $305.6 million, respectively.

2Q-08 Vol. 2Q-08 Price 2Q-07 Vol. 2Q-07 Price
Ammonia 116 $555 95 $382
UAN 521 $336 552 $230
N. Gas Cost $7.59 $6.72

* Nitrogen in thousand tons, gas in mmBtu.