Sugar Land, Texas — New UAN production that came up at CVR Partner LP’s Coffeyville, Kan., nitrogen plant in late February helped boost earnings for the first quarter ending March 31, 2013. Net income was $35.6 million ($0.49 per diluted common unit) on net sales of $81.4 million, compared to the year-ago $30.2 million ($0.41 per unit) on sales of $78.3 million. Adjusted EBITDA was $43.8 million, up from the year-ago $38 million. UAN production was a record 196,200 st with an average realized price of $295/st, versus the year-ago 154,600 st ($313/st). Net ammonia tons available for sale during the first quarter were 30,700 st ($663/st), versus the year-ago 25,000 st ($613/st). CVR said that despite wet conditions in much of the Midwest, it still expects some 95 million acres of corn to be planted this spring. CVR has reaffirmed its 2013 full-year guidance of $2.15-$2.45 per unit in cash available for distribution to unitholders. This represents a 19-35 percent increase in distributions to the $1.81 paid for 2012. CVR on April 26 announced a record first-quarter 2013 distribution of $0.61 per unit.
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