CVR Partners announced net income of $39 million, or $3.67 per common unit, for the second quarter of 2025, a 48% increase from $26 million, or $2.48 per common unit, in Q2 2024. Net sales reached $169 million, climbing 26.9% compared to the prior year quarter, while EBITDA rose to $67 million from $54 million.
The company declared a second quarter 2025 cash distribution of $3.89 per common unit, more than doubling the previous year's payout for the same quarter. This reflects higher realized product prices and robust end-market demand.
Average realized gate prices for ammonia increased by 14% to $593 per ton, and UAN prices rose by 18% to $317 per ton compared to Q2 2024, driven by tight supply-demand balances. Ammonia utilization rates were 91% for the quarter, down from 102% in Q2 2024, primarily due to planned downtime for control system upgrades at the East Dubuque Facility.
Management provided a Q3 2025 outlook, estimating ammonia utilization rates between 93% and 98%, direct operating expenses between $60 million and $65 million, and capital expenditures between $20 million and $25 million. Full-year 2025 capital expenditures are projected to be between $50 million and $60 million.
The company noted its strong liquidity position with $114.4 million in cash and $171.9 million in working capital as of June 30, 2025, to fund ongoing capital projects. These projects include the Coffeyville dual-feedstock project, expected to begin in Fall 2025, and a nitrous oxide abatement unit slated for installation during the Q4 2025 turnaround.
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