cvr partners lp (UAN) Key Developments
CVR Partners Considers Acquisitions
May 22 14
CVR Partners, LP (NYSE:UAN) to consider acquisitions. Jack Lipinski, Executive Chairman of CVR Partners said, "We have some organic growth opportunities. We are always looking to see if it makes any sense for acquisitions. The business itself is somewhat small in the number of players that are out there, but we are always looking."
CVR Partners Announces First Quarter 2014 Distribution, Payable on May 19, 2014
May 1 14
CVR Partners announced first quarter 2014 distribution of 38 cents per common unit. The distribution, as set by the board of CVR GP, LLC, the general partner of CVR Partners, will be paid on May 19, 2014, to unitholders of record on May 12, 2014.
CVR Partners, LP Announces Unaudited Consolidated Earnings and Operational Results for the First Quarter Ended March 31, 2014; Provides Operational Guidance for the Second Quarter and Full Year of 2014
May 1 14
CVR Partners, LP announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. The company announced first quarter 2014 net income of $21.5 million or 29 cents per fully diluted common unit, on net sales of $80.3 million, compared to net income of $35.6 million or 49 cents per fully diluted common unit, on net sales of $81.4 million for the 2013 first quarter. Adjusted EBITDA was $29.9 million for the first quarter of 2014, compared to adjusted EBITDA of $43.8 million for the first quarter of 2013. Operating income was $23.1 million against $36.8 million of prior year period. Income before income tax expense was $21.5 million against $35.6 million of prior year period. Net cash flow provided by operating activities was $35.6 million against $57.5 million of prior year period. The primary contributing factor to the decrease in adjusted EBITDA was the 2014 first quarter's lower average net back price of $253 per ton per UAN as compared to last year's first quarter average net back price of $295 per UAN ton. EBITDA was $29.8 million against $42.6 million a year ago.
For the first quarter of 2014, average realized plant gate prices for UAN and ammonia were $253 per ton and $479 per ton, respectively, compared to $295 per ton and $663 per ton, respectively, for the same period in 2013. produced 91,000 tons of ammonia and purchased approximately 22,900 additional tons of ammonia during the first quarter of 2014, of which 8,900 net tons were available for sale while the rest was upgraded to 257,200 tons of UAN. In the 2013 first quarter, the plant produced 111,400 tons of ammonia, of which 30,700 net tons were available for sale while the remainder was upgraded to 196,200 tons of UAN.
The company provided operational guidance for the second quarter and full year of 2014. For the quarter, the company expects UAN production for the second quarter to be between 230,000 and 240,000 tons.
For the year, the company’s operational guidance remains at 1 million tons for the calendar year.
Mark Pytosh to become CVR Partners, LP' Next CEO on May 5, 2014
Apr 17 14
CVR Partners LP has a new leader. Mark Pytosh will officially become CVR Partners' next CEO on May 5, after serving for two years as director. Pytosh replaces Byron Kelley, who retired in December 2013 after three years at the helm. Prior to CVR Partners, Pytosh was the executive vice president and CFO of Tervita Corp.
CVR Partners, LP to Report Q1, 2014 Results on May 01, 2014
Apr 17 14
CVR Partners, LP announced that they will report Q1, 2014 results at 9:00 AM, Eastern Standard Time on May 01, 2014