CVR Partners Q3 revenue falls on planned plant turnaround
UAN•CVR Partners’ Q3 sales fell to $146.15 million, missing the $165.40 million estimate, as a 41-day planned turnaround reduced production. The company declared a $1.79-per-unit distribution and forecast Q4 ammonia utilization of 88% to 93%.
1. Quarterly results
CVR Partners reported Q3 sales of $146.15 million, compared with a $165.40 million consensus estimate. The company recorded a net loss of $10.74 million, or $1.02 per unit, and operating loss of $3.64 million.
2. Turnaround and outlook
A 41-day planned turnaround at the East Dubuque facility reduced production and affected results. Ammonia prices were higher than a year earlier, while UAN prices were lower. The company declared a Q3 cash distribution of $1.79 per common unit and expects Q4 ammonia utilization of 88% to 93%, direct operating expenses of $58 million to $63 million, and capital expenditures of $26 million to $34 million.
