CVR Partners (UAN) Q1 2025 earnings summary

Executive summary

• Net sales reached $143 million for Q1 2025, up from $127.7 million in Q1 2024, driven by higher UAN sales volumes and ammonia pricing, partially offset by lower UAN sales prices and ammonia volumes.

• Net income rose to $27.1 million ($2.56 per common unit), more than doubling year-over-year, reflecting improved market conditions and operational performance.

• EBITDA totaled $53 million for Q1 2025, up from $40 million in Q1 2024.

• Ammonia plant utilization was 101%, with 216,000 tons produced and 348,000 tons of UAN produced.

• Declared a Q1 2025 distribution of $2.26 per common unit, payable in May 2025.

Financial highlights

• Operating income for Q1 2025 was $34.6 million, up from $20.1 million in Q1 2024.

• Basic and diluted EPS was $2.56, compared to $1.19 year-over-year.

• Cash and cash equivalents stood at $121.8 million as of March 31, 2025, with total liquidity of $172 million including the ABL facility.

• Maintenance and growth capital expenditures for Q1 2025 totaled $5.9 million; full-year 2025 capex is estimated at $50–60 million.

• Available cash for distribution for Q1 2025 was $23.9 million.

Outlook and guidance

• Ammonia utilization rate for Q2 2025 expected between 93%-97% due to planned downtime.

• Direct operating expenses for Q2 2025 projected at $57-$62 million; capital spending at $18-$22 million.

• Total 2025 capital spending estimated at $50-$60 million, with $40-$45 million for maintenance.

• Management expects continued volatility in feedstock and product prices due to geopolitical and regulatory factors but sees robust long-term demand for nitrogen fertilizer.

• Reliability and debottlenecking projects, including a major turnaround at Coffeyville in Q4 2025, are planned.