Rentech Nitrogen -14% on lower than expected Q3 distribution

Rentech Nitrogen Partners (RNF) -14.4% premarket after last night's announcement of a Q3 distribution of $0.27/unit; its Q2 distribution had been $0.85/unit.

The news is a surprise, since RNF/RTK had guided for $2.05-$2.20 in cash available for distribution for the full year and had already paid $1.35 in H1; $0.70-$0.85 was expected in H2 with most paid in Q3, given a major turnaround and plant expansion project was planned for Q4.

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