CVR Partners(US:UAN)2025-04-28 21:21Financial Performance - For the first quarter of 2025, CVR Partners reported net income of $27 million, or $2.56 per common unit, and EBITDA of $53 million on net sales of $143 million, compared to net income of $13 million, or $1.19 per common unit, and EBITDA of $40 million on net sales of $128 million for the same period in 2024[2][9]. - Operating income for Q1 2025 was $34.59 million, compared to $20.06 million in Q1 2024, reflecting stronger performance[21]. - Net income for Q1 2025 was $27.1 million, significantly higher than $12.6 million in Q1 2024, leading to an EBITDA of $52.9 million compared to $39.5 million in the prior year[33]. - Available cash for distribution increased to $23.9 million in Q1 2025 from $20.3 million in Q1 2024, reflecting improved financial performance[33]. Production and Sales - The production of ammonia increased to 216,000 tons in Q1 2025, with 64,000 net tons available for sale, compared to 193,000 tons produced in Q1 2024, of which 60,000 net tons were available for sale[4][21]. - Total net sales for Q1 2025 were $142.87 million, an increase from $127.67 million in Q1 2024, driven by higher fertilizer product sales[21][22]. - Consolidated sales volumes for ammonia decreased to 60,000 tons in Q1 2025 from 70,000 tons in Q1 2024, while UAN sales increased to 336,000 tons from 284,000 tons[28]. - Total ammonia production increased to 216,000 tons in Q1 2025 from 193,000 tons in Q1 2024, with net available for sale rising to 64,000 tons from 60,000 tons[28]. Pricing and Costs - Average realized gate prices for ammonia rose by 5% to $554 per ton in Q1 2025, while UAN prices decreased by 4% to $256 per ton[5]. - Ammonia pricing at gate rose to $554 per ton in Q1 2025, up from $528 per ton in Q1 2024, while UAN pricing decreased to $256 per ton from $267 per ton[28]. - Natural gas costs per MMBtu increased to $4.62 in Q1 2025 from $3.10 in Q1 2024, impacting overall production costs[28]. - Ammonia pricing in the Southern plains decreased slightly to $562 per ton in Q1 2025 from $567 per ton in Q1 2024, while pricing in the Corn belt increased to $618 per ton from $598 per ton[30]. Operational Efficiency - The ammonia utilization rate reached 101% in Q1 2025, up from 90% in Q1 2024, indicating improved operational efficiency[26]. - The company continues to focus on high utilization of its plants and generating free cash flow, indicating a strategic emphasis on operational efficiency and financial health[4]. - The ammonia utilization rate for Q2 2025 is forecasted to be between 93% and 97%[32]. Cash Distribution - CVR Partners declared a cash distribution of $2.26 per common unit for Q1 2025, payable on May 19, 2025[6][9]. - The company declared a cash distribution of $2.26 per common unit related to Q1 2025, to be paid in May 2025[34]. Capital Expenditures - Total capital expenditures for Q1 2025 were $5.93 million, compared to $4.61 million in Q1 2024, with maintenance expenditures at $3.69 million[25]. - Direct operating expenses for Q2 2025 are projected to be between $57 million and $62 million, while total capital expenditures are expected to range from $18 million to $22 million[32].