OKLAHOMA CITY (AP) — LSB Industries Inc. said Tuesday that its fourth-quarter profit rose 55 percent on strong results from its chemical business, and LSB shares surged in aftermarket trading.
The company, which makes heat pumps and chemical products, said its income for the quarter that ended Dec. 31 grew to $28 million, or $1.19 per share. A year earlier, LSB reported a profit of $18 million, or 79 cents per share. Revenue increased 25 percent, to $215.4 million from $172.2 million.
The two analysts who reported estimates to FactSet expected a profit of 86 cents per share on $195.1 million in revenue on average.
LSB shares rose 36 cents to close Tuesday at $36.24. Following the after-hours report, they advanced $3.76, or 10.4 percent, to $40.
LSB said revenue from chemical business grew 46 percent to $142 million. The company said it did more agricultural business, partly because of greater sales and higher prices for the fertilizer urea ammonium nitrate. Revenue from the climate control division slipped 5 percent to $68.9 million, and LSB said sales in all major categories decreased.
In 2011 LSB's profit nearly tripled to $83.5 million, or $3.58 per share, from $29.3 million, or $1.32 per share in 2010. Revenue grew 32 percent, to $805.5 million from $609.9 million.