CVR Partners announced net income of $4 million, or $0.36 per common unit, for the third quarter of 2024, a notable increase from $1 million, or $0.07 per common unit, in the third quarter of 2023. EBITDA also rose to $36 million from $32 million in the prior year period. Net sales for the quarter were $125 million, a decrease from $131 million in Q3 2023.
The Partnership achieved a combined ammonia production rate of 97% during the quarter, producing 212,000 tons of ammonia and 321,000 tons of urea ammonium nitrate (UAN). Average realized gate prices for UAN improved by 3% to $229 per ton, and ammonia prices increased by 9% to $399 per ton compared to Q3 2023.
CVR Partners declared a cash distribution of $1.19 per common unit for the third quarter of 2024, payable on November 18, 2024. CEO Mark Pytosh noted strong ammonia demand for fall application and higher nitrogen fertilizer prices compared to 2023, driven by solid customer demand and positive farmer economics.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.