Short answer
Cvr Partners LP (UAN) filed its fiscal 2016 10-K annual report with the SEC on Feb 21, 2017. It reported revenue of $356M and net income of −$27M.
- Top risk flagged: EPA renewable fuel standards: 2016 and 2017 mandates challenged in D.C. Circuit, threatening corn ethanol demand and fertilizer sales
FY2016 key financial metrics · XBRL
- Revenue
- $356M
- Net income
- −$27M
- Operating margin
- 7.5%
- EPS (diluted)
- −$0.26
- −130.6% YoY
- Operating cash flow
- $45M
Source: XBRL data from the Cvr Partners LP (UAN) FY2016 10-K on SEC EDGAR. USD.
Cvr Partners LP FY2016 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Wholesale nitrogen fertilizer producer, converting pet coke and natural gas into ammonia, UAN and related products for agricultural and industrial customers
- East Dubuque facility acquired April 1, 2016, expanding operations to two plants and adding flexible production of nitric acid and urea
- Strategic shift toward integrated scale, supported by $645.0 million of 9.250% Senior Secured Notes and a $50.0 million ABL Credit Facility
- Net sales increased to $356.3 million from $289.2 million, while net income declined to $(26.9) million from $62.0 million
- Workforce expanded to 299 employees, including 150 at East Dubuque with approximately 61% union representation
Management Discussion & Analysis
- Net sales $356.3M, up $67.1M YoY, driven by $128.0M from nine months of East Dubuque
- Operating income $26.8M vs $68.7M, operating margin 7.5% vs 23.8%
- Best segment: East Dubuque added $128.0M sales; worst: Coffeyville UAN price variance, $(69.8)M
- Operating cash flow $45.0M, capex $23.2M, distributions $69.6M, including $13.7M maintenance capex
- Outlook: 2017 Coffeyville turnaround expected for 15 days, with fertilizer supply growth and pricing volatility risks
Risk Factors
- EPA renewable fuel standards: 2016 and 2017 mandates challenged in D.C. Circuit, threatening corn ethanol demand and fertilizer sales
- Natural gas exposure: East Dubuque relies on spot-market purchases and Nicor pipeline access through October 31, 2019
- Pet coke concentration: over 70% of Coffeyville requirements sourced from adjacent CVR Refining refinery
- Global competition: subsidized producers in Russia and Ukraine could pressure commodity fertilizer prices
- Liquidity risk: $55.6 million cash and $49.3 million ABL availability as of December 31, 2016
Generated from the filing text; verify against the original. How to read a 10-K
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