CVR Partners LP Files Q3 2024 10-Q

Ticker: UAN · Form: 10-Q · Filed: Oct 29, 2024 · CIK: 1425292

Cvr Partners, LP 10-Q Filing Summary
FieldDetail
CompanyCvr Partners, LP (UAN)
Form Type10-Q
Filed DateOct 29, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, agriculture-chemicals

TL;DR

CVR Partners LP's Q3 2024 10-Q is in. Check financials for agri-chem performance.

AI Summary

CVR Partners, LP filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which is involved in the agriculture chemicals industry. Specific financial figures and operational metrics for the third quarter and year-to-date periods are presented.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of CVR Partners, LP, crucial for understanding its market position and future prospects in the agriculture chemicals sector.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the agriculture chemicals sector can be subject to commodity price volatility and regulatory changes.

Key Players & Entities

  • CVR Partners, LP (company) — Filer of the 10-Q report.
  • 2024-09-30 (date) — End of the reporting period for the 10-Q.
  • 2024-10-29 (date) — Date the 10-Q was filed.
  • 2024-07-01 (date) — Start of the third quarter of 2024.
  • 2024-09-30 (date) — End of the third quarter of 2024.

FAQ

What is the reporting period for this 10-Q filing?

The 10-Q filing is for the period ended September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on October 29, 2024.

What is CVR Partners, LP's primary industry classification?

CVR Partners, LP is classified under AGRICULTURE CHEMICALS [2870].

What are the business and mailing addresses for CVR Partners, LP?

The business and mailing addresses are both listed as 2277 Plaza Drive, Suite 500, Sugar Land, TX 77479.

What is the fiscal year end for CVR Partners, LP?

The fiscal year end for CVR Partners, LP is December 31.

Filing Stats: 4,413 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-10-29 16:27:11

Filing Documents

Financial Information

PART I. Financial Information

Other Information

PART II. Other Information Item 1.

Financial Statements

Financial Statements 5 Item 1.

Legal Proceedings

Legal Proceedings 32 Condensed Con solidate d Balance Sheets - September 30, 2024 and December 31, 2023 (unaudited) 5 Item 1A.

Risk Factors

Risk Factors 32 Condensed Consolidated Statements of Operations - Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 6 Item 5. Other Information 32 Condensed Consolidated Statements of Partners' Capital - Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 7 Item 6. Exhibits 32 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2024 and 2023 (unaudited) 8

Signatures

Signatures 33 Notes to the Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 This Quarterly Report on Form 10-Q (including documents incorporated by reference herein) contains statements with respect to our expectations or beliefs as to future events. These types of statements are "forward-looking" and subject to uncertainties. See "Important Information Regarding Forward-Looking Statements" section of this filing. September 30, 2024 | 2 Table of Contents Important Information Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q (this "Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including, but not limited to, those under Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. All statements other than statements of historical fact, including without limitation, statements regarding future operations, financial position, estimated revenues and losses, growth, capital projects, unit repurchases, impacts of legal proceedings, projected costs, prospects, plans, and objectives of management are forward-looking statements. The words "could", "believe", "anticipate", "intend", "estimate", "expect", "may", "continue", "predict", "potential", "project", and similar terms and phrases are intended to identify forward-looking statements. Although we believe our assumptions concerning future events are reasonable, a number of risks, uncertainties and other factors could cause actual results and trends to differ materially from those projected or forward-looking. Forward-looking statements, as well as certain risks, contingencies, or uncertainties that may impact our forward-looking statements, include, but are not limited to, the following: our abili

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CVR PARTNERS, LP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 110,539 $ 45,279 Accounts receivable, net 36,007 41,893 Inventories 75,302 69,165 Prepaid expenses 3,956 8,078 Other current assets 821 1,454 Total current assets 226,625 165,869 Property, plant, and equipment, net 714,987 761,023 Other long-term assets 45,014 48,440 Total assets $ 986,626 $ 975,332 LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable $ 29,379 $ 33,486 Accounts payable to affiliates 4,680 5,319 Deferred revenue 39,340 15,796 Other current liabilities 31,785 20,872 Total current liabilities 105,184 75,473 Long-term liabilities: Long-term debt, net 547,710 547,308 Long-term deferred revenue 28,552 33,311 Other long-term liabilities 17,828 16,360 Total long-term liabilities 594,090 596,979 Commitments and contingencies ( See Note 11 ) Partners' capital: Common unitholders, 10,569,637 and 10,569,637 units issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 287,351 302,879 General partner interest 1 1 Total partners' capital 287,352 302,880 Total liabilities and partners' capital $ 986,626 $ 975,332 The accompanying notes are an integral part of these condensed consolidated financial statements. September 30, 2024 | 5 CVR PARTNERS, LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per unit data) 2024 2023 2024 2023 Net sales $ 125,203 $ 130,592 $ 385,769 $ 539,858 Operating costs and expenses: Cost of materials and other 26,263 31,004 77,704 100,993 Direct operating expenses (exclusive of depreciation and amortization) 55,761 58,459 158,300 171,761 Depreciation and amortization 24,732 24,119 64,063 59,084 Cost of sale

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