Cvr Partners, Lp (UAN) 10-Q Quarterly Report October 2018

– CVR Partners, LP (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (UAN) solution fertilizer products, today announced a third quarter 2018 net loss of $13 million, or 12 cents per common unit, on net sales of $80 million, compared to a net loss of $32 million, or 28 cents per common unit, on net sales of $69 million for the third quarter a year earlier. Adjusted EBITDA was $19 million for the third quarter of 2018, compared to adjusted EBITDA of $5 million for the third quarter of 2017.

For the first nine months of 2018, CVR Partners had a net loss of $49 million, or 43 cents per common unit, on net sales of $253 million, compared to a net loss of $45 million, or 40 cents per common unit, on net sales of $253 million for the comparable period a year earlier. Adjusted EBITDA for the first nine months of 2018 was $58 million, compared to adjusted EBITDA of $58 million for the first nine months of 2017.

“We are pleased to report strong operating performance and improved fertilizer netbacks at both our Coffeyville, Kansas, and East Dubuque, Illinois, fertilizer facilities during the 2018 third quarter,” said Mark Pytosh, Chief Executive Officer of CVR Partners’ general partner. “Market conditions have continued to improve since summer and we are seeing strong global demand for nitrogen fertilizer.

“In addition, product pricing for the late fall of 2018 has increased by approximately 25 percent from the summer fill season and we’re seeing continued pricing strength into the first quarter of 2019,” Pytosh said.

Consolidated Operations

For the third quarter of 2018, consolidated average realized gate prices for UAN and ammonia were $170 per ton and $297 per ton, respectively. Consolidated average realized gate prices for UAN and ammonia were $138 per ton and $214 per ton, respectively, for the same period in 2017.

CVR Partners’ fertilizer facilities produced a combined 212,000 tons of ammonia during the third quarter of 2018, of which 63,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 338,000 tons of UAN. In the 2017 third quarter, the fertilizer facilities produced 181,000 tons of ammonia, of which 46,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 307,000 tons of UAN.

Distributions

CVR Partners will not pay a cash distribution for the 2018 third quarter. CVR Partners is a variable distribution master limited partnership. As a result, its distributions, if any, will vary from quarter to quarter due to several factors, including, but not limited to, its operating performance, fluctuations in the prices received for its finished products, maintenance capital expenditures, and cash reserves deemed necessary or appropriate by the board of directors of its general partner.

The following information was filed by Cvr Partners, Lp (UAN) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1425292/000142529218000059/uanq32018form10-q.htm

View differences made from one quarter to another to evaluate Cvr Partners, Lp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Cvr Partners, Lp.

Continue

Assess how Cvr Partners, Lp's management team is paid from their Annual Proxy

Cvr Partners, Lp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter Sentiment:

All

Positive

Negative

Filter Category:

All

Financial

Revenue

Other

Filter Subcategory:

All

Expense

Cash Flow

Product

Earnings

Other

Inside Cvr Partners, Lp's 10-Q Quarterly Report:

Financial - Expense Highlight
The $4.9 million decrease was primarily due to the third quarter 2017 turnaround at the East Dubuque Facility, which resulted in turnaround expenses of $2.5 million, coupled with decreases in repairs and maintenance costs and personnel costs as a result of turnaround activities.

Financial - Cash Flow Highlight
Net cash flows from our operating activities decreased from the nine months ended September 30, 2017 as compared to the nine months ended September 30, 2018, primarily due to decreased net income offset by changes in working capital.
Revenue - Product Highlight
The decrease in ammonia sales volumes for the three months ended September 30, 2018 as compared to the three months ended September 30, 2017 was primarily attributable to less inventory available for sale at the beginning of the third quarter of 2018 as compared to the same quarter in the prior year.
Financial - Expense Highlight
Adjusted EBITDA is defined as EBITDA further adjusted for the impact of i major scheduled turnaround expenses, ii gain or loss on extinguishment of debt and iii business interruption insurance recovery, when applicable.
Revenue - Product Highlight
The decrease in UAN and ammonia sales volumes for the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017 was primarily attributable to lower production resulting from planned and unplanned downtime during the nine months ended September 30, 2018.
Other - Other
Net increase in cash and...Read more
Revenue - Product
The increase in UAN and...Read more
Other - Other
Net cash used in investing...Read more
Financial - Earnings
Downtime at either of our...Read more
Revenue - Product
For the three months ended...Read more
Revenue - Product
For the three months ended...Read more
Revenue - Product
For the nine months ended...Read more
Revenue - Product
For the nine months ended...Read more
Revenue - Product
The increase in UAN sales...Read more
Other - Other
CVR Energy, which indirectly owns...Read more
Financial - Expense
For example, we may experience...Read more
Revenue - Product
The decrease in ammonia sales...Read more
Other - Other
the risk of a material...Read more
Revenue - Product
There was more inventory available...Read more
Other - Other
our potential inability to successfully...Read more
Other - Other
the dependence of our operations...Read more
Financial - Expense
Additionally, we experienced lower utility...Read more
Other - Other
Net cash used in financing...Read more
Other - Other
any other statements preceded by,...Read more
Financial - Expense
The $2.2 million decrease was...Read more
Other - Other
We use the following performance...Read more
Other - Other
Available cash for distribution if...Read more
Other - Other
As of September 30, 2018,...Read more
Other - Other
Consistent, safe and reliable operations...Read more
Financial - Expense
Growth capital projects generally involve...Read more
Other - Other
statements, other than statements of...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Cvr Partners, Lp provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.4: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: UAN
CIK: 1425292
Form Type: 10-Q Quarterly Report
Accession Number: 0001425292-18-000059
Submitted to the SEC: Thu Oct 25 2018 1:23:19 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Agricultural Chemicals