Sugar Land, Texas — CVR Partners LP reported a 12.9 percent drop in net income for the third quarter ending Sept. 30, 2012, to $31.6 million ($0.43 per unit) on sales of $75 million, compared to the year-ago $36.3 million ($0.50 per unit) on sales of $77.2 million. EBITDA was $37.6 million, down from $42.4 million. CVR said overall plant efficiency was lower due to a two-year cycle turnaround held in October. Despite the turnaround, ammonia sales were up at 30,200 at an average plant gate price of $578/st, versus the year-ago 22,500 st and $568/st, respectively. UAN sales were 175,100 ($290/st), down from 179,200 st ($294/st). Nine-month net income was up at $96.9 million ($1.32 per unit) on sales of $234.7 million, versus $91.2 million ($0.92 per unit) on sales of $215.3 million. EBITDA was up at $115.7 million from $107.6 million. Nine-month ammonia sales were 89,500 st ($586/st) versus 83,500 st ($569/st), while UAN was down at 510,500 st ($311/st) versus 524,700 st ($266/st).
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