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CVR Partners, LP reports developments tied to its nitrogen fertilizer manufacturing business and its common units representing limited partner interests. The Delaware limited partnership produces, markets and distributes urea ammonium nitrate (UAN) solution fertilizer and industrial raw material from facilities in Coffeyville, Kansas, and East Dubuque, Illinois, with sales aimed primarily at agricultural customers.
Company updates commonly cover quarterly and annual results, EBITDA, net sales, utilization rates, planned turnarounds, capital expenditure guidance and cash distributions declared by the board of its general partner. News also addresses nitrogen fertilizer market conditions, filing of the annual Form 10-K, and operational factors affecting production at its manufacturing sites.
CVR Partners, LP (NYSE: UAN) reported a net income of $7 million, or 66 cents per common unit, for Q2 2021, a turnaround from a net loss of $42 million in Q2 2020. The Q2 2021 net sales reached $138 million, up from $105 million a year prior, with EBITDA improving to $51 million from a $2 million loss. Ideal planting conditions and strong nitrogen fertilizer demand drove performance. A cash distribution of $1.72 per unit will be paid on August 23, 2021, marking the first distribution since Q4 2019. The average realized prices for UAN and ammonia rose significantly.
CVR Partners, LP (NYSE: UAN) will release its second quarter 2021 earnings results on August 2, after the market closes. The company will hold a teleconference on August 3 at 11 a.m. Eastern to discuss these results, accessible through their Investor Relations webpage. The company focuses on nitrogen fertilizer production, primarily urea ammonium nitrate (UAN) and ammonia, to support agricultural yield. Their facilities in Kansas and Illinois have substantial production capabilities, including a 1,300 ton-per-day ammonia unit.
CVR Partners has announced the pricing of a $550 million private placement of 6.125% senior secured notes due in 2028. The offering will close on June 23, 2021, and proceeds will be used to partially redeem the company's outstanding 9.250% senior secured notes due in 2023. The securities will be sold under Rule 144A and Regulation S of the Securities Act and are not registered under applicable securities laws, limiting their sale to qualified institutional buyers and outside the U.S.
CVR Partners, LP (NYSE: UAN) announced plans to offer $550 million in senior secured notes due 2028, pending market conditions. The funds will partially redeem existing 9.250% Senior Secured Notes due 2023, totaling $645 million as of March 31, 2021. The redemption is conditioned on the successful placement of the new notes. The offering is limited to qualified buyers under Rule 144A and Regulation S of the Securities Act, and the securities are not registered for public sale.
CVR Partners, LP (NYSE: UAN) reported a net loss of $25 million ($2.37 per unit) for Q1 2021, a drop from a $21 million loss a year prior on $61 million sales, down from $75 million. EBITDA decreased to $5 million from $11 million. The winter storm Uri impacted shipments, yet the Coffeyville facility maintained operations. Average UAN prices fell 4% to $159 per ton, while ammonia rose 14% to $300 per ton. The partnership initiated a $10 million unit repurchase program and will not distribute cash for Q1 2021, with future distributions dependent on operational performance.
CVR Partners, LP (UAN) plans to release its first quarter 2021 earnings results on May 3, 2021, after market close. The company will host a teleconference on May 4 at 11 a.m. Eastern to discuss these results, which will include forward-looking information. Investors can access the call via the company’s website or by dialing (877) 407-8029. The news release will be distributed via GlobeNewswire and posted on the company’s website.
CVR Partners, LP (NYSE: UAN) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2020, with the SEC, highlighting its operations in manufacturing ammonia and urea ammonium nitrate fertilizers. The 10-K report is accessible via the Investor Relations section on their website, and unitholders can request a hard copy that includes audited financial statements. The company operates two nitrogen fertilizer manufacturing facilities in Kansas and Illinois, essential for agricultural yield enhancement.
CVR Partners, LP (NYSE: UAN) reported a net loss of $17 million for Q4 2020, improving from a $25 million loss a year prior, on net sales of $90 million. The company achieved record ammonia production of 852,000 tons in 2020, with a utilization rate of 95%. Despite negative pricing trends, with UAN prices down 21% to $139 per ton, demand is expected to rise as corn and soybean prices have increased by 75% since July 2020. No cash distribution will be paid for Q4 2020. The Board approved an additional $10 million for unit repurchases.
CVR Partners, LP (NYSE: UAN) will release its fourth quarter and full-year 2020 earnings results on February 22, after market close. A teleconference will follow on February 23 at 11 a.m. Eastern to discuss the results. Investors can access the live webcast via the company’s Investor Relations website. CVR Partners specializes in nitrogen fertilizer products, primarily focusing on urea ammonium nitrate (UAN) and ammonia. Its production facilities in Coffeyville, Kansas, and East Dubuque, Illinois, support significant output capabilities.
CVR Partners, LP (NYSE: UAN) will present at the Bank of America 2020 Leveraged Finance Virtual Conference on Dec. 1 at 1:30 p.m. Eastern. The presentation will be available via a live webcast on CVR Partners’ Investor Relations page, with an archive accessible for 90 days. CVR Partners specializes in nitrogen fertilizer production, notably urea ammonium nitrate (UAN) and ammonia, aiding farmers in crop yield improvement. Their facilities in Coffeyville, Kansas, and East Dubuque, Illinois, have significant production capacities.