CVR Reports Strong Q3 Results

November 6, 2012 06:23 AM

CVR Partners, Lp manufactures ammonia and UAN fertilizer products. Headquartered in Sugar Land, Texas, with manufacturing facilities located in Coffeyville, Kansas, CVR reports year-to-date net income of $96.9 million on net sales of $234.7 million. That is above the same period last year which was $91.2 million on net sales of $215.3 million.

"We are pleased to report another solid quarter of financial results for the benefit of our unitholders," said Byron Kelley, president and chief executive officer. "As expected, our overall plant production efficiency was lower in this year's third quarter as compared to last year as we neared the end of a two-year cycle leading up to the plant turnaround completed during October."

In anticipation of the company's turnaround in 2012 Q4, CVR narrowed its distribution guidance range for calendar 2012 to $1.70-$1.80 per common unit.

On October 26, CVR Partners announced a third quarter 2012 distribution of 49.6 cents per common unit to be paid November 14, 2012 to unitholders of record on November 7, 2012. Sound operating practices, low year-ending stocks-to-use ratio for corn and a positive fertilizer outlook for the spring planting season put CVR on target for another successful year in 2013.


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