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
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.