CVR Partners reports decrease in production but increase in realized gate prices, healthy earnings.

From GlobeNewswire: 2024-10-28 17:04:00

CVR Partners, LP announced third quarter net income of $4 million, or 36 cents per common unit, with EBITDA of $36 million. The company had net sales of $125 million, compared to $131 million in the third quarter of 2023. They declared a cash distribution of $1.19 per common unit.

Production at CVR Partners’ fertilizer facilities slightly decreased in the third quarter of 2024, producing 212,000 tons of ammonia and 321,000 tons of UAN. Average realized gate prices for UAN were up 3% to $229 per ton, and ammonia was up 9% to $399 per ton compared to the prior year.

The Board of Directors of CVR Partners declared a third quarter 2024 cash distribution of $1.19 per common unit, to be paid on November 18, 2024. The company will host its third quarter 2024 Earnings Conference Call on October 29, 2024, at 11 a.m. Eastern.

CVR Partners is a variable distribution master limited partnership, and its distributions vary from quarter to quarter. The company uses non-GAAP measures to evaluate performance, including EBITDA, Adjusted EBITDA, and Available Cash for Distribution. They also announced an outlook for the fourth quarter of 2024, including ammonia utilization rates and operating expenses.



Read more at GlobeNewswire:: CVR Partners Reports Third Quarter 2024 Results