Ciner Resources LP (CINR) Misses Q4 EPS by 14c

Ciner Resources LP (NYSE: CINR) reported Q4 EPS of $0.49, $0.14 worse than the analyst estimate of $0.63. Revenue for the quarter came in at $123.1 million versus the consensus estimate of $123.63 million.

Kirk Milling, CEO, commented “Despite challenges we encountered in the fourth quarter and earlier in the year, our results were in line with our 2016 outlook. The capital investments we have been making enabled us to increase our sales volume 3% for the year helping to offset the impact from lower global soda ash prices. Fourth quarter results were adversely impacted by a number of unique operational issues that drove production levels well below our expectations. Extreme weather conditions led to lower on-stream time for our production units and we lost a significant amount of ore production for a 10-day period due to temporary operational modifications we were required to make by MSHA.”

“Looking into 2017, we’ve made good strides to lower our cost of goods sold and improve the efficiency and productivity of our Green River operations. Both of those should more than offset the headwinds we will experience from lower net prices in North and South America. We also have encouraging signs of market strength in Asia and anticipate higher prices at least through the first half of the year.”

2017 Outlook:

• We expect our soda ash total volume sold to increase 1% to 3%.
• We expect international prices to be flat to up 3%.
• We expect domestic pricing to be flat to down 3%.
• Maintenance of business capital expenditures are planned to be in the range of $12 to $15 million.
• Expansion capital expenditures are planned to be in the range of $23 to $28 million.

For earnings history and earnings-related data on Ciner Resources LP (CINR) click here.

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