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OCI Resources Q1 net sales up 7.4% to $116.2mn
May '14
OCI Resources LP reported its financial and operating results for the first quarter ended March 31, 2014.
First Quarter 2014 Financial Highlights:
-Net sales of $116.2 million increased 7.4% over the prior-year first quarter.
-EBITDA of $28.2 million increased 15.6% over the prior-year first quarter.
-Earnings per unit were $0.52.
-Distributable cash flow was $13.1 million. Distribution coverage ratio was 1.31 for the three months ended March 31, 2014; and 1.27 since completion of our initial public offering ("IPO").
It is maintaining our prior outlook for soda ash volumes to increase 2% to 4% over 2013 levels, and international prices to rise 3% to 5% in 2014.
It continues to expect 2014 expansion capital expenditures to be in the range of $24 to $30 million.
It continues to expect 2014 maintenance capital expenditures to be in the $12 to $15 million range, with planned maintenance outages in the second and third quarters.
Kirk Milling, CEO, commented “We’re off to a great start in 2014, as our Wyoming facility had its best first quarter operating performance in the site’s history. Increased production volumes, better ore to ash ratio, and international pricing improvements led to a 15.6% EBITDA improvement."
"As we move into the second quarter, our volumes will be lower than first quarter levels due to a planned maintenance outage during May. The volume impact from this outage is built into our prior guidance, which we still maintain will be up 2-4% versus 2013. Even with the outage, we anticipate our 1st half production levels will remain on a record setting pace."
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