Tue, Apr 29, 8:28 PM (13 days ago)
**CVR Partners, LP (UAN) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $142.9 million (up from $127.7 million in Q1 2024) - **Net Income:** $27.1 million (up from $12.6 million in Q1 2024) - **Operating Income:** $34.6 million (up from $20.1 million in Q1 2024) - **Cash Flow from Operations:** $55.4 million (up from $42.4 million in Q1 2024) **Profit Margins:** - **Operating Margin:** ~24.2% (up from ~15.8% in Q1 2024) - **Net Margin:** ~19.0% (up from ~9.9% in Q1 2024) **Earnings Changes:** - **EPS:** $2.56 (up from $1.19 in Q1 2024) **Quarterly Performance Discussion:** - Increased revenues driven by higher UAN sales volumes and improved ammonia pricing. - Lower pet coke feedstock costs and favorable inventory impacts contributed to higher profits. - Higher natural gas prices partially offset cost savings. **Trends & Uncertainties:** - **Positive Trends:** Increased demand for nitrogen fertilizers due to higher planting acreage and favorable weather conditions. - **Uncertainties:** Volatile commodity prices, geopolitical risks, and regulatory changes may impact future operations. **Future Operations Impact:** - **Capital Spending:** $5.9 million in Q1 2025, with estimated full-year expenditures of $50-60 million. - **Turnarounds:** Planned for Q4 2025 at the Coffeyville Facility and 2026 at the East Dubuque Facility. - **Projects:** Focus on water and electrical reliability, diesel exhaust fluid production, and loadout capabilities. **Distributions:** - Declared a distribution of $2.26 per common unit for Q1 2025, payable May 19, 2025. **Liquidity:** - **Cash and Cash Equivalents:** $121.8 million as of March 31, 2025. - **Total Liquidity:** $171.8 million, including $50.0 million available under the ABL Credit Facility. **Debt:** - **Long-term Debt:** $547.9 million as of March 31, 2025. **Market Risks:** - No material changes in market risks compared to Q1 2024. **Controls & Procedures:** - Effective disclosure controls and procedures as of March 31, 2025. - No material changes in internal control over financial reporting.