LSB Industries, Inc. (NYSE:LXU) Q2 2024 Earnings Conference Call August 1, 2024 10:00 AM ET
Company Participants
Fred Buonocore - Vice President of Investor Relations
Mark Behrman - President and Chief Executive Officer
Damien Renwick - Executive Vice President and Chief Commercial Officer
Cheryl Maguire - Executive Vice President and Chief Financial Officer
Conference Call Participants
Lucas Beaumont - UBS
Daniel Rizzo - Jefferies
Andrew Wong - RBC Capital Markets
Robert McGuire - Granite Research
Charles Neivert - Piper Sandler
Operator
Greetings and welcome to the LSB Industries Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Fred Buonocore, Vice President of Investor Relations. Thank you, sir. You may begin.
Fred Buonocore
Good morning, everyone. Joining me today are Mark Behrman, our Chief Executive Officer; Cheryl Maguire, our Chief Financial Officer; and 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. We took a major step forward with our low-carbon product strategy in the second quarter. In May, we entered into a multiyear agreement with Freeport Minerals to supply low-carbon ammonium nitrate solution or ANS, for use in Freeport's copper mining operations.
We believe that this agreement is a first of its kind in our industry and we view it as a validation of our assertion that our industrial customers will value the low-carbon ammonia and derivative products we plan to produce in the coming years as a means of reducing their own CO2 emissions.
With respect to our second quarter operating results, I'm very pleased to say that we had no recordable incidents during the quarter, thanks to the strong safety focus of the teams at our facilities. In terms of financial performance, our adjusted EBITDA was in line with our expectations. Pricing was once again down year-over-year.