Last $151.55 USD
Change Today +0.13 / 0.09%
Volume 9.6K
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As of 8:04 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

terra nitrogen company lp (TNH) Key Developments

Terra Nitrogen Company, L.P. Announces Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Capex Guidance for 2014

Terra Nitrogen Company, L.P. announced earnings and operating results for the fourth quarter and full year ended December 31, 2013. The company reported net earnings of $113.6 million on sales of $168.3 million for the quarter ended December 31, 2013. This compares to net earnings of $150.0 million on sales of $206.5 million for the 2012 fourth quarter. Net income allocable to Common Units was $69.0 million or $3.73 per Common Unit and $85.3 million or $4.61 per Common Unit for the 2013 and 2012 fourth quarters, respectively. Results for the fourth quarter of 2013 included an unrealized mark-to-market gain on natural gas derivatives of $9.3 million compared to a gain of $1.0 million in the fourth quarter of 2012. Sales for the 2013 fourth quarter totaled $168.3 million, compared to sales of $206.5 million for the 2012 fourth quarter. This decrease was due to lower ammonia and urea ammonium nitrate solution (UAN) average selling prices and lower ammonia sales volume, which was partially offset by higher UAN sales volume. Ammonia average selling price decreased compared to the prior year due to high industry-wide inventory and UAN average selling price decreased due to weaker global nitrogen market conditions compared to the prior year period. Ammonia sales volume decreased due to a shorter fall ammonia application season compared to 2012, while UAN sales volume increased due to customers rebuilding their inventory levels. For the full year 2013, TNCLP reported net earnings of $502.4 million on sales of $736.2 million. This compares to net earnings of $560.8 million on sales of $780.1 million in 2012. Net income allocable to Common Units was $291.8 million or $15.77 per Common Unit and $315.6 million or $17.06 per Common Unit in 2013 and 2012, respectively. Sales for the full year totaled $736.2 million, compared to sales of $780.1 million in 2012. This decrease was due to lower sales volume which was partially offset by higher ammonia selling prices. The sales volume decline was due primarily to planned plant turnaround activities completed during the third quarter. UAN average selling price was unchanged from last year, while the ammonia average selling price increased due to higher selling prices in the first half of 2013 as compared to the first half of 2012. In 2013, capital expenditures were $99.6 million as compared to $47.8 million in 2012. In 2013, the capital program included a rail yard expansion, new ammonia and UAN storage tanks, and control and electrical system upgrades. Some of these projects are extending beyond 2013. For the quarter, the company reported Ammonia sales of 94,000 tons against 98,000 tons a year ago. UAN sales were 509,000 tons against 475,000 tons a year ago. For the full year, the company reported Ammonia sales of 319,000 tons against 371,000 tons a year ago. UAN sales were 1,944,000 tons against 1,999,000 tons a year ago. In 2014, TNCLP is expected to have capital expenditures in the range of $75 million to $125 million for projects, including a turnaround of approximately 50% of the plant that is anticipated to occur in the second half of the year.

Terra Nitrogen Company, L.P. Declares Cash Distribution for the Quarter Ended December 31, 2013, Payable on February 28, 2014

Terra Nitrogen Company, L.P. announced the declaration of a cash distribution for the quarter ended December 31, 2013, of $2.10 per common limited partnership unit. The distribution is payable February 28, 2014, to holders of record as of February 21, 2014.

Terra Nitrogen Company, L.P. Declares Cash Distribution for the Quarter Ended September 30, 2013, Payable November 29, 2013; Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Capital Expenditure Guidance for the Full Year of 2013

Terra Nitrogen Company, L.P. declared cash distribution for the quarter ended September 30, 2013, of $2.02 per common limited partnership unit payable November 29, 2013, to holders of record as of November 15, 2013. The company reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net earnings of $72.7 million on sales of $128.4 million for the quarter ended September 30, 2013. This compares to net earnings of $131.8 million on net sales of $181.1 million for the 2012 third quarter. Net income allocable to common units was $46.6 million $2.52 per common unit and $73.9 million $4.00 per common unit for the 2013 and 2012 third quarters, respectively. Total sales were $128.4 million against $181.1 million a year ago. Earnings from operations were $72.7 million against $131.8 million a year ago. For the nine months, the company reported net earnings of $388.8 million on net sales of $567.9 million. This compares to net earnings of $410.8 million on net sales of $573.6 million for the first nine months of 2012. Net earnings allocable to common units was $222.8 million $12.04 per common unit and $230.3 million $12.45 per common unit for the first nine months of 2013 and 2012, respectively. Total sales were $567.9 million against $573.6 million a year ago. Earnings from operations were $388.8 million against $410.8 million a year ago. For 2013, the company is expected to have capital expenditures of approximately $100 million.

Terra Nitrogen Company, L.P. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Declares Cash Distribution, Payable on August 29, 2013

Terra Nitrogen Company, L.P. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2013. The company reported net earnings of $149.3 million on sales of $215.4 million for the quarter ended June 30, 2013. This compares to net earnings of $154.8 million on sales of $195.6 million for the 2012 second quarter. Net income allocable to common units was $84.0 million or $4.54 per common unit and $86.5 million or $4.67 per common unit for the 2013 and 2012 second quarters, respectively. Results for the second quarter of 2013 included an unrealized mark-to-market loss on natural gas derivatives of $2.9 million compared to a gain of $13.8 million in the second quarter of 2012. This decrease in net earnings was due to higher realized natural gas costs, which were offset partially by higher revenue. For the first six months of 2013, the company reported net earnings of $316.1 million on net sales of $439.5 million. This compares to net earnings of $279.0 million on net sales of $392.5 million for the first six months of 2012. Net earnings allocable to common units was $176.2 million or $9.52 per common unit and $156.4 million or $8.45 per common unit for the first six months of 2013 and 2012, respectively. Results for the first six months of 2013 included a $0.8 million unrealized mark-to-market gain on natural gas derivatives compared to a gain of $2.5 million for the first six months of 2012. The company declared a cash distribution for the quarter ended June 30, 2013, of $4.02 per common limited partnership unit payable August 29, 2013, to holders of record as of August 16, 2013.

Terra Nitrogen Company, L.P. Announces Quarterly Cash Distribution, Payable on May 30, 2013; Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Provides Capital Expenditure Guidance for 2013

Terra Nitrogen Company, L.P. reported the declaration of a cash distribution for the quarter ended March 31, 2013, of $4.68 per common limited partnership unit payable May 30, 2013, to holders of record as of May 20, 2013. The company announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of $224.1 million compared to $196.9 million a year ago. Earnings from operations were $166.8 million compared to $124.2 million a year ago. Net earnings were $166.8 million compared to $124.2 million a year ago. Allocation of net earnings to common units was $92.2 million compared to $69.9 million a year ago. Net earnings per common unit were $4.98 compared to $3.78 a year ago. Results for the first quarter of 2013 included an unrealized mark-to-market gain on natural gas derivatives of $3.7 million compared to a loss of $11.3 million in the first quarter of 2012. The increase in Net Sales were due to higher ammonia and UAN average selling prices and higher UAN sales volume, which were offset partially by lower ammonia sales volume. In 2013, the company is expected to have capital expenditures in the range of $75 million to $100 million. The capital program includes a rail yard expansion, new ammonia and UAN storage tanks, and control and electrical system upgrades. Some of these projects may extend beyond 2013. In addition to these projects, the company will be undertaking a major turnaround in the second quarter of 2013, which will result in lower production and sales volume during that period.

 

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Price/Earnings 9.5x
Price/Sales 3.8x
Price/Book 10.6x
Price/Cash Flow 9.5x
TEV/Sales 3.6x
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