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Monday, Oct 28
Rentech Nitrogen slammed again after cash distribution warning
- Rentech Nitrogen Partners (RNF -12.3%) is under pressure after announcing a change in the timing of its cash distributions and saying cash distributions related to Q4 could be as low as zero, extending Friday's losses on news of a lower than expected Q3 distribution.
- RNF blames the deteriorating outlook on a greater than expected decline in prices for ammonium sulfate prices and the illiquidity of the market which has continued longer than expected.
- EBITDA for the Pasadena facility is expected to improve from Q3 but remain negative for Q4 and the full year; Q4 forecast for the East Dubuque facility is reduced by higher costs and lower sales due to a compressor-related repair.
- RTK -9.5%.