LSB Industries, Inc. (NYSE:LXU) is a manufacturing, marketing and engineering company. LSB Industries' principal business activities consist of the manufacture and sale of commercial and residential climate control products, such as geothermal and water source heat pumps, hydronic fan coils and large custom air handlers; the manufacture and sale of chemical products for the mining, agricultural and industrial markets; and the provision of specialized engineering services and other activities.
LSB Industries announced yesterday record results for the second quarter ended June 30, 2011. Second Quarter 2011 Financial Highlights Compared to Second Quarter 2010 include: Sales were $235.6 million, a 40% increase from $168.4 million; Operating income was $48.3 million compared to $12.8 million, an increase of $35.5 million; Net income and net income applicable to common shareholders were $28.6 million compared to $6.0 million; and Diluted earnings per common share were $1.22 compared to $0.27.
Jack Golsen, LSB Industries' Board Chairman and CEO stated, "This was the best quarter in our recent history in terms of sales, operating income and net income. While we remain confident that 2011 will be an outstanding year, our optimism has been tempered by current economic and weather-related issues."
LSB Industries first Six Months 2011 Financial Highlights Compared to First Six Months 2010: Sales were $413.1 million, a 38% increase from $298.8 million; Operating income was $82.3 million compared to $17.2 million; Net income was $49.5 million compared to $7.7 million; Net income applicable to common shareholders increased to $49.2 million from $7.4 million; and Diluted earnings per common share were $2.12 compared to $0.35.
Through the first half of 2011, the 38% increase in sales included a 47% increase in Chemical Business sales and a 24% increase for the Climate Control Business. The increase in consolidated operating income for the first six months of 2011 was the result of increases in the Chemical and Climate Control Businesses operating income of $60.8 million and $5.1 million, respectively, partially offset by increases in general corporate expense and other business operations net of $0.8 million.