Sugar Land, Texas-CVR Energy Inc.’s nitrogen fertilizer division reported first quarter 2008 operating income of $26.0 million on net sales of $62.6 million, compared with operating income of $9.3 million on net sales of $38.6 million during the year-ago quarter. Higher prices for ammonia and UAN were the most significant contributors to the increase in operating income, and were partially offset by lower production and higher operating expenses. For the first quarter ending March 31, 2008, average plant sale prices for ammonia and UAN were $494/st and $262/st, respectively, compared with $347/st and $169/st, respectively, for the year-ago period. CVR produced 83,700 st of ammonia and 150,100 st of UAN during the first quarter of 2008, compared with the year-ago 86,200 st of ammonia and 165,700 st, respectively. Company-wide, CVR reported net income of $22.2 million ($.26 per diluted share) on sales of $1.22 billion, versus the year-ago loss of $154.4 million ($1.79 pro forma per share) on sales of $390.5 million. The year-ago quarter reflected a full refinery maintenance turnaround and downtime associated with an expansion project. First-quarter petroleum operating income was $63.6 million on sales of $1.17 billion, versus the year-ago loss of $63.5 million on sales of $352.5 million.
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