CVR Partners LP today announced a fourth quarter 2016 net loss of $14.5 million ($0.13 per common unit), on net sales of $84.9 million, compared to net income of $18.7 million ($0.26 per unit) on net sales of $66.0 million for the fourth quarter a year ago.
For full year 2016, CVR Partners had a net loss of $26.9 million ($0.26 per unit), on net sales of $356.3 million, compared to net income of $62.0 million ($0.85 per unit), on net sales of $289.2 million for full year 2015.
CVR Partners’ results for the three and 12 months ended Dec. 31, 2016, include the results of the East Dubuque fertilizer facility beginning April 1, 2016.
“We are pleased with the operating performance of our plants during the 2016 fourth quarter,” said Mark Pytosh, CEO. “Both facilities continued to post high on-stream rates, with the East Dubuque ammonia and UAN units operating at nearly 100 percent. While fourth quarter ammonia shipments from our East Dubuque plant were impacted by unfavorable fertilizer application conditions, we anticipate the tonnage that was not applied in the fall will be applied during the spring planting season. Since December, we have seen a significant improvement in nitrogen fertilizer pricing for deliveries during the first half of 2017, which has been driven by the delay of additional supply coming online from new and expanded U.S. production facilities, lower levels of imports into the U.S., and the expectation of a strong spring corn planting season in the U.S.”