LSB Industries, Inc. (LXU) saw its loss widen to $21.53 million, or $1.06 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $8.07 million, or $0.48 a share. On the other hand, adjusted net loss for the quarter widened to $30.90 million, or $1.14 a share from a loss of $10.80 million or $0.47 a share, a year ago.
Revenue during the quarter dropped 5.17 percent to $85.37 million from $90.02 million in the previous year period. Gross margin for the quarter stood at negative 10.42 percent as compared to a negative 1.74 percent for the previous year period. Operating margin for the quarter stood at negative 21.20 percent as compared to a negative 19.02 percent for the previous year period.
Operating loss for the quarter was $18.10 million, compared with an operating loss of $17.12 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $15.80 million compared to operating loss of $12.80 million in prior year period.
"Our results for the fourth quarter of 2016 showed sequential improvement despite downtime that carried over from the third quarter related to previously disclosed issues," stated Daniel Greenwell, LSB's President and chief executive officer. "Our financial performance during the period is reflective of efforts in 2016 to increase our production and improve on-stream rates at our three primary facilities, coupled with the incremental output from the new ammonia plant at El Dorado."
Working capital drops significantly
LSB Industries, Inc. has witnessed a decline in the working capital over the last year. It stood at $60.90 million as at Dec. 31, 2016, down 56.74 percent or $79.88 million from $140.78 million on Dec. 31, 2015. Current ratio was at 1.51 as on Dec. 31, 2016, down from 1.73 on Dec. 31, 2015.
Debt comes down
LSB Industries, Inc. has recorded a decline in total debt over the last one year. It stood at $428.44 million as on Dec. 31, 2016, down 19.09 percent or $101.10 million from $529.54 million on Dec. 31, 2015. Total debt was 33.72 percent of total assets as on Dec. 31, 2016, compared with 38.88 percent on Dec. 31, 2015. Debt to equity ratio was at 0.87 as on Dec. 31, 2016, down from 0.88 as on Dec. 31, 2015.
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