LSB Industries Q2 Profit Rises - Quick Facts

(RTTNews) - LSB Industries, Inc. (LXU) Friday reported higher income for the second quarter, particularly due to lower cost of sales, selling expenses, and Provision for losses on accounts receivables. The company's net earnings for the quarter rose to $11.1 million or $0.47 per share from $7.4 million or $0.31 per share a year ago. On average, 3 analysts polled by Thomson Reuters expected the company to report profit per share of $0.78 for the quarter. Analysts' estimates typically exclude special items. Jack Golsen, LSB's CEO, commented: "We delivered an increase in profitability as a result of improved performance by our Chemical Business, despite a drop in average sales prices." Net sales were down at $201.7 million compared with $202.2 million last year and failed to meet the consensus estimate of $221.42 million, due to lower sales of all its climate control products. Looking ahead, the company expects an increase in its Climate Control Business sales in the second half of 2014, ahead of last year, due to higher sales of LSB branded products.