Home / Knowledge / News / Textiles / PetroLogistics Q1'14 propylene sales mount 4.9%
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.  


Must ReadView All

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search