Short answer
Cvr Partners LP (UAN) filed its fiscal 2018 10-K annual report with the SEC on Feb 21, 2019. It reported revenue of $351M (+6.1% year over year) and net income of −$50M.
- Top risk flagged: CERCLA liability: strict cleanup responsibility for known contamination at the Coffeyville Facility, including migrated refinery contamination
FY2018 key financial metrics · XBRL
- Revenue
- $351M
- +6.1% YoY
- Net income
- −$50M
- +31.3% YoY
- Operating margin
- 1.8%
- +4.6 pp YoY
- Operating cash flow
- $32M
- +209.9% YoY
Source: XBRL data from the Cvr Partners LP (UAN) FY2018 10-K on SEC EDGAR. USD.
Cvr Partners LP FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Two-facility nitrogen fertilizer producer, selling wholesale ammonia and UAN to agricultural and industrial customers
- 2018 emphasis on product mix optimization: 93% of ammonia production upgraded into UAN, which typically commands premium pricing
- Coffeyville pet coke sourcing shift: CVR Energy supplied 59% of requirements versus just under 70% average over five years
- Net sales concentration: UAN 72%, ammonia 20%; top five customers represented 32% of net sales
- Approximately 290 employees, including 100 covered by collective bargaining agreements expiring October 2019
Management Discussion & Analysis
- Net sales $351.1M, up $20.3M YoY, driven by $37.6M pricing gains offset by $18.4M volume declines
- Operating income $6.3M vs $10.3M loss, with net loss $50.0M vs $72.8M
- UAN strongest pricing performance, $27.1M gain; ammonia worst volume performance, $24.5M decline
- Operating cash flow $32.2M vs $10.4M, capital expenditures $19.8M, maintenance capital $15.5M
- Distribution $14.1M, or $0.12 per unit; 2019 capital spending guidance $20.0M to $25.0M amid commodity-price volatility risk
Risk Factors
- CERCLA liability: strict cleanup responsibility for known contamination at the Coffeyville Facility, including migrated refinery contamination
- Pet coke concentration: Coffeyville relies heavily on CVR Energy’s refinery, while third-party supply agreement ends December 2019
- Seasonal Midwest and Great Plains exposure: five largest customers represented 32% of 2018 net sales, with agricultural demand vulnerable to weather
- Natural gas competition: sustained low prices benefit rival producers using natural gas, reducing Coffeyville’s competitiveness
- Control and leverage: Carl Icahn indirectly controls approximately 71% of CVR Energy voting power, influencing Partnership decisions
Generated from the filing text; verify against the original. How to read a 10-K
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