Fertilizer maker CVR Partners (NYSE:UAN) reported third-quarter results today before the market opened, showing that it posted net revenues of $69.2 million, down almost 8% from the same period in the previous year, but ahead of the $64.7 million Capital IQ consensus estimate.
While adjusted net income came in at $19.7 million, or $0.27 per share, some 38% below the $31.6 million, or $0.43 per share, in the same period in 2012, it was nevertheless a penny-per-share better than the CapIQ estimates of $0.26 per share.
CVR Partners expanded its urea ammonium nitrate capabilities, which helped it produce a record amount of the fertilizer solution, at 239,300 tons -- a 32% increase over last year -- but pricing of UAN was down this quarter falling to $505 per ton from $578 per ton, a better than 12% decline. At 100,400 tons, CVR also produced less ammonia than it did a year ago and prices were almost 11% lower.
The fertilizer maker raised the low end of its full-year guidance range to between $1.85 and $2.00 per share from its previous forecast of $1.80 to $2.00 per share, analysts anticipate CVR Partners will post earnings of $1.55 per share for the full year on revenues of $303.8 million.