CVR Partners LP reported a first quarter 2017 net loss of $10.3 million ($0.09 per common unit), on net sales of $85.3 million, compared to net income of $18.0 million ($0.25 per common unit) on net sales of $73.1 million for the first quarter a year earlier. While sales volumes were up, prices were down.
“CVR Partners posted strong operational performance at our Coffeyville and East Dubuque fertilizer facilities during the 2017 first quarter, with both plants achieving on-stream rates just under 100 percent,” said CEO Mark Pytosh. “We also were pleased to deliver approximately $2 million in distributable cash flow for the quarter, which we achieved during the industry’s seasonably slow time of year. In addition, spring planting is underway and we expect demand to remain firm as farmers are forecasted to plant 90 million acres of corn this year.”
Potash Corp. of Saskatchewan Inc. reported first-quarter earnings of $149 million ($0.18 per share), up from $75 million ($0.09 per share) generated in the same period of 2016. Sales were down at $1.1 billion from the year-ago $1.21 billion.
“Potash market fundamentals continued to improve in the first quarter, creating a supportive earnings environment,” said PotashCorp President and CEO Jochen Tilk. “We expect improved consumption trends and nutrient affordability in key markets to support potash demand and our results through the remainder of 2017.”
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