LSB Industries, Inc. reported a consolidated net sales figure of $522.4 million for the fiscal year ending December 31, 2024, a decrease of 12% from $593.7 million in 2023. The company's operating loss for 2024 was $5.5 million, a significant decline from the operating income of $51.8 million recorded in the previous year. This downturn was attributed to lower average selling prices across key product lines, including ammonia, urea ammonium nitrate (UAN), and nitric acid, which were impacted by reduced demand and market conditions. The average selling price for ammonia fell to $425 per ton in 2024 from $444 per ton in 2023, while UAN prices decreased from $319 to $289 per ton.
In terms of operational performance, LSB Industries faced challenges due to two major turnaround activities at its Pryor and Cherokee facilities, which contributed to a slight decline in total sales volumes. Despite these setbacks, the company managed to increase sales volumes of ammonium nitrate and nitric acid, reflecting improved production efficiency and strategic commercial efforts. The total ammonia production for 2024 was approximately 757,000 tons, down from 800,000 tons in 2023, primarily due to the planned maintenance activities.
Strategically, LSB Industries is focusing on expanding its low carbon ammonia initiatives, which are expected to play a crucial role in its future growth. The company has entered into agreements to supply low carbon ammonium nitrate solution to Freeport Minerals Corporation and is collaborating with INPEX, Air Liquide, and Vopak Exolum on a large-scale low carbon ammonia production project on the Houston Ship Channel. These initiatives are part of LSB's broader strategy to enhance its product offerings and capitalize on the growing demand for sustainable chemical solutions.
As of December 31, 2024, LSB Industries reported approximately $184.2 million in cash and cash equivalents, short-term investments, and available credit, providing a solid liquidity position to support ongoing operations and strategic initiatives. The company anticipates capital expenditures of $80 million to $90 million for 2025, with a focus on sustaining production capacity and pursuing growth opportunities. Looking ahead, LSB Industries expects to navigate market challenges while leveraging its operational strengths and strategic partnerships to enhance its competitive position in the chemical industry.
About LSB INDUSTRIES, INC.
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