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CVR Partners releases 4Q17 and full year 2017 results

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World Fertilizer,

CVR Partners LP has released its results for 4Q17, reporting a net loss US$27.4 million on net sales of US$78.2 million.

This is compared to a net loss of US$14.5 million on net sales of US$84.9 million in 4Q16. CVR Partners is a manufacturer of ammonia and urea ammonium nitrate (UAN) solution fertilizer products.

Adjusted EBITDA, a non-GAAP financial measure, was US$7.7 million for 4Q17. This is compared to adjusted EBITDA of US$18.3 million for 4Q16. For the full year 2017, the company reported a net loss of US$72.8 million on net sales of US$330.8 million. This is compared to a net loss of US$26.9 million on net sales of US$356.3 million for full year 2016. Adjusted EBITDA for full year 2017 was US$65.8 million compared to adjusted EBITDA of US$92.7 million for the previous year.

CVR Partners’ results include the results of the East Dubuque fertilizer facility beginning 1 April 2016.

Mark Pytosh, Chief Executive Officer, said: “We were pleased with the overall operating performance of our Coffeyville plant during the 2017 fourth quarter.

“The fall ammonia application was much stronger in the 2017 fourth quarter than the previous year, leading to lower customer product inventories compared to last year.

“So far in 2018, we have seen lower nitrogen product imports, steady customer demand and increasing prices for nitrogen.

“For the spring, most industry participants are expecting approximately 90 million corn acres to be planted."

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