CVR Partners, LP (UAN) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $10.30 million, or $ 0.09 a share in the quarter, against a net profit of $18 million, or $0.25 a share in the last year period. Revenue during the quarter grew 16.69 percent to $85.30 million from $73.10 million in the previous year period. Gross margin for the quarter contracted 326 basis points over the previous year period to 74.44 percent. Total expenses were 93.79 percent of quarterly revenues, up from 73.05 percent for the same period last year. That has resulted in a contraction of 2074 basis points in operating margin to 6.21 percent.
Operating income for the quarter was $5.30 million, compared with $19.70 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $20.80 million compared with $27.90 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1378 basis points in the quarter to 24.38 percent from 38.17 percent in the last year period.
“CVR Partners posted strong operational performance at our Coffeyville and East Dubuque fertilizer facilities during the 2017 first quarter, with both plants achieving on-stream rates just under 100 percent,” said Mark Pytosh, chief executive officer.
Operating cash flow improves significantly
CVR Partners, LP has generated cash of $30 million from operating activities during the quarter, up 27.12 percent or $6.40 million, when compared with the last year period. The company has spent $4.10 million cash to meet investing activities during the quarter as against cash outgo of $1.70 million in the last year period.
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