LSB Industries, Inc. (NYSE:LXU) Q1 2024 Earnings Conference Call April 30, 2024 10:00 AM ET
Company Participants
Fred Buonocore - Vice President of Investor Relations
Mark Behrman - President and Chief Executive Officer
Cheryl Maguire - EVP and Chief Financial Officer
Damien Renwick - EVP and Chief Commercial Officer
Conference Call Participants
Josh Spector - UBS
Adam Samuelson - Goldman Sachs
David Begleiter - Deutsche Bank
Andrew Wong - RBC Capital Markets
Rob McGuire - Granite Research
Charles Neivert - Piper Sandler
Operator
Hello and welcome to the LSB Industries' First Quarter 2024 Earnings Conference Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It’s now my pleasure to turn the call over to Fred Buonocore, Vice President, Investor Relations. Fred, please go ahead.
Fred Buonocore
Good morning everyone. Joining me today are Mark Behrman, our Chief Executive Officer; and Cheryl Maguire, our Chief Financial Officer. Also joining today is Damien Renwick, our Chief Commercial Officer.
Please note that today's call includes forward-looking statements. These statements are based on the company's current intent, expectations and projections. They are not guarantees of future performance and a variety of factors could cause the actual results to differ materially.
On the call we will reference non-GAAP results, please see the press release in the Investors section of our website, lsbindustries.com for further information regarding forward-looking statements and reconciliations of non-GAAP results to GAAP results.
As a reminder, we have a Stockholder Rights Plan to protect certain tax attributes. Please see the Investors section of our website at lsbindustries.com for further important details.
At this time, I'd like to go ahead and turn the call over to Mark.
Mark Behrman
Thank you, Fred. Turning to Page 4 of our presentation. First quarter results were in line with our expectations. Pricing was down year-over-year but this was offset somewhat by stronger sales volumes and lower natural gas costs. We continue to generate positive free cash flow in the first quarter and used our strong cash position to repurchase our stock, returning capital to our shareholders.
We also reduced our debt by repurchasing notes during the quarter further de-risking our balance sheet. We continue to selectively repurchase our stock and notes post the first quarter and will opportunities to further both of those efforts.
Lastly, on the low-carbon ammonia initiatives, our two projects remain on track with the timelines that we discussed back in March, and I'll provide more color on these later in the call.