CVR Partners, LP Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
February 21, 2023 at 05:04 pm EST
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CVR Partners, LP reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported sales was USD 212.23 million compared to USD 188.92 million a year ago. Net income was USD 95.37 million compared to USD 61.49 million a year ago. Basic earnings per share from continuing operations was USD 9.02 compared to USD 5.76 a year ago.
For the full year, sales was USD 835.58 million compared to USD 532.58 million a year ago. Net income was USD 286.8 million compared to USD 78.16 million a year ago. Basic earnings per share from continuing operations was USD 27.07 compared to USD 7.31 a year ago.
CVR Partners, LP owns and operates the nitrogen fertilizer business. It produces nitrogen fertilizer products at two manufacturing facilities, one located in Coffeyville, Kansas operated by its subsidiary, Coffeyville Resources Nitrogen Fertilizers, LLC (the Coffeyville Facility) and one located in East Dubuque, Illinois operated by its wholly owned subsidiary, East Dubuque Nitrogen Fertilizers, LLC (EDNF). Both facilities manufacture ammonia and are able to further upgrade such ammonia to other nitrogen fertilizer products, principally urea ammonium nitrate (UAN). Nitrogen fertilizer is used by farmers to improve the yield and quality of their crops, primarily corn and wheat. Its products are sold on a wholesale basis in the United States of America. The Coffeyville Facility manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,100 ton-per-day UAN unit and a dual-train gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen.