CVR Partners Q3 net income jumps on strong ammonia demand

Reuters10-30
CVR Partners Q3 net income jumps on strong ammonia demand

Overview

  • CVR Partners Q3 net income rises to $43 mln from $4 mln yr/yr

  • Company reports Q3 EBITDA of $71 mln, up from $36 mln yr/yr

  • CVR Partners declares Q3 cash distribution of $4.02 per common unit

Outlook

  • Company expects Q4 ammonia utilization rate between 80% and 85%

  • Company forecasts Q4 direct operating expenses between $58 mln and $63 mln

  • CVR Partners projects Q4 total capital expenditures between $30 mln and $35 mln

Result Drivers

  • STRONG AMMONIA DEMAND - CEO Mark Pytosh attributes strong Q3 results to high ammonia demand for fall application

  • HIGHER PRODUCT PRICES - Average realized gate prices for ammonia and UAN increased by 33% and 52% respectively, boosting revenue

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Sales

$163.54 mln

Q3 Net Income

$43.07 mln

Q3 Operating income

$50.63 mln

Press Release: ID:nBw133D9Ca

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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