What: Shares of LSB Industries (NYSE: LXU) surged 20% in intraday trading Friday, after the climate-control and chemical company posted blowout first-quarter results.  

So what: Fueled by a 36% surge in sales, LSB posted quarterly earnings of $20.6 million, or $0.90 per share, versus a per-share profit just $0.07 in the year-ago period. LSB continues to benefit from strengthening demand in both of its units (chemical and climate-control sales grew 49% and 19%, respectively), and with the shares surging past 52-week highs today, Mr. Market clearly expects that trend to continue.  

Now what: "With the tailwind of the economic recovery, LSB is well positioned financially and operationally to benefit from ongoing investments in the areas with long-term strategic growth potential," said Chairman and CEO Jack Golsen. But although LSB's operating outlook is certainly bright, I'm a bit worried that the shares -- now up more than 100% over the past six months -- already have much of that optimism baked into them. With the company sporting a price-to-cash flow of more than 20, taking some cash off the LSB table might be the prudent thing to do.

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