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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 loss of $19 million for Q3 2020, down from a $23 million loss in Q3 2019, amidst net sales of $79 million. EBITDA rose to $15 million, compared to $11 million in the prior year. The company achieved strong production with a 98% ammonia utilization rate. However, average realized prices for UAN and ammonia decreased by 23% and 28%, respectively. A 1-for-10 reverse stock split has been approved to regain NYSE compliance by January 1, 2021. No cash distribution will be paid for Q3 2020.
CVR Partners, LP (NYSE: UAN) announced its plans to release its third quarter 2020 results on November 2 after market close. A teleconference to discuss these results is scheduled for November 3 at 11 a.m. Eastern Time. The webcast of the call will be accessible on the company’s Investor Relations webpage. The third quarter earnings release will be distributed via GlobeNewswire and available on the company website.
CVR Partners, LP (NYSE: UAN) has initiated its first carbon offset credits from nitrous oxide (N2O) abatement at its Coffeyville, Kansas plant. This project is designed to cut N2O emissions by 94%, preventing approximately 450,000 metric tons of CO2e annually. In combination with efforts from its East Dubuque facility, the company aims to abate over 1 million metric tons of CO2e each year. The project is registered with the Climate Action Reserve, showcasing the company’s commitment to environmentally friendly nitrogen fertilizer production.
CVR Partners (NYSE: UAN) reported a second quarter 2020 net loss of $42 million, or 37 cents per common unit, primarily due to a $41 million goodwill impairment. This contrasts with a net income of $19 million for the same period in 2019. Net sales were $105 million, down from $138 million year-over-year. EBITDA also fell to a loss of $2 million from last year's $60 million profit. Average prices for UAN and ammonia declined by 24% and 27%, respectively. CVR Partners will not issue a cash distribution this quarter, but initiated a $10 million unit repurchase program.
CVR Partners, LP (NYSE: UAN) plans to release its second quarter 2020 results on August 3, after the market closes. A teleconference is scheduled for August 4 at 11 a.m. Eastern to discuss the results. Investors can access the live webcast on the company's website. The financial results will be available via GlobeNewswire and will provide insights into the company's performance in manufacturing ammonia and UAN fertilizer products, critical for agricultural yield.
CVR Partners, LP (NYSE: UAN) reported a net loss of $21 million, or 18 cents per common unit, in Q1 2020, compared to a loss of $6 million, or 5 cents per unit, in Q1 2019. Net sales decreased from $92 million to $75 million year-over-year. EBITDA fell to $11 million from $26 million. Despite challenges due to COVID-19, the company maintained operations and saw strong nitrogen fertilizer shipments following favorable weather. The Board authorized a $10 million unit repurchase program as units are deemed undervalued. No cash distribution was declared for Q1 2020.