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PetroLogistics Q1'14 propylene sales mount 4.9%
24
Apr '14
PetroLogistics LP announced its financial and operating results and cash distribution for the first quarter of 2014. The distribution for the quarter ended March 31, 2014, is 37 cents per common unit. This brings the aggregate distributions for the twelve months ended March 31, 2014 to $1.42 per common unit.
 
Total sales in the first quarter were $220.0 million and net income was $46.7 million. The Partnership's reported results include certain items that impact comparability of financial results between reporting periods. Excluding the impact of these items, the Partnership's Adjusted EBITDA was $67.5 million and Adjusted net income was $48.0 million.
 
Cash available for distribution was $51.4 million for the first quarter of 2014. Adjusted net income, Adjusted EBITDA and cash available for distribution are non-GAAP financial measures. 
 
"The partnership turned in solid earnings for the quarter, generating a distribution of 37 cents per unit. This result was achieved despite a very cold winter and a resulting spike in propane prices in January and February," said Nathan Ticatch, President and Chief Executive Officer. "Our performance was positively impacted by the significant improvement in plant operations we have experienced since coming out of our planned turnaround in October 2013.  
 
"During January and February of this year, we set an average daily production record of 3.94 million pounds of propylene per day. We also successfully completed a previously announced outage which commenced in late March to replace two heat exchangers and made other modifications to continue to improve plant reliability and increase production."
 
Operations
The Partnership produced 315.5 million pounds of propylene during the first quarter of 2014 compared to 298.9 million pounds produced during the same period of 2013. The Partnership recognized total sales of $220.0 million and $208.7 million, during the quarters ended March 31, 2014 and 2013, respectively, an increase of $11.3 million. 
 
This increase was primarily driven by higher propylene sales which totaled $214.4 million for the quarter ended March 31, 2014, compared to $204.3 million in 2013. The increase in propylene sales was due to increased sales volumes of 22 million pounds offset by a decrease in the average polymer grade propylene benchmark price which decreased to 73.3 cents per pound during the first quarter of 2014 compared to an average price for the same period of 2013 of 75 cents per pound.  


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