Terra Nitrogen Reports Q4 Revs $201M vs $142.9M YoY

Terra Nitrogen Company, L.P.

today reported net earnings of $129.8 million on sales of $201.0 million for the fourth quarter ended December 31, 2011. This compares to net earnings of $65.8 million on sales of $142.9 million for the 2010 fourth quarter. Net income allocable to Common Units was $71.5 million ($3.87 per Common Unit) and $48.3 million ($2.61 per Common Unit) for the 2011 and 2010 fourth quarters, respectively. Results for the fourth quarter of 2011 included an unrealized mark-to-market loss on natural gas derivatives of $7.5 million compared to a gain of $7.0 million in the fourth quarter of 2010. For the full year 2011, TNCLP reported net earnings of $508.0 million on sales of $798.9 million. This compares to net earnings of $201.6 million on sales of $564.6 million in 2010. Net income allocable to Common Units was $283.6 million ($15.33 per Common Unit) and $148.2 million ($8.01 per Common Unit) in 2011 and 2010, respectively.