Sugar Land, Texas — While new UAN capacity boosted volumes in the third quarter, net income was down for CVR Partner LP, to $19.7 million ($0.27 per diluted common unit) and sales of $69.2 million, compared to the year-ago $31.6 million ($0.43 per unit) and sales of $75 million. UAN sales were up at 226,700 st, with average plant gate prices down at $259/st, compared to the year-ago 175,100 st ($290/st). Ammonia sales were only 3,300 st ($505/st), down from 30,200 st ($578/st). Planned downtime to replace a catalyst did have some impact on production rates. Nine-month net income was $90.7 million ($1.24 per unit) on sales of $239.4 million, down from the year-ago $96.9 million ($1.32 per unit) and $234.7 million, respectively. Nine-month UAN sales were 638,100 st ($295/st), up from the year-ago 510,500 st ($311/st), while ammonia was down at 37,900 st ($654/st) versus 89,500 st ($586/st). CVR announced a third-quarter cash distribution of $0.36 per common unit, bringing the cumulative nine-month distribution to $1.55 per unit. CVR expects full-year distribution to be $1.85-$2.00 per unit.
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