These transactions were conducted indirectly through entities associated with Icahn, including American Entertainment Properties Corp. and IEP Energy Holding LLC. Following these acquisitions, Icahn's total ownership in CVR Partners (NYSE:) now stands at 174,192 common units. CVR Partners, LP, headquartered in Sugar Land, Texas, is a major player in the agrichemical sector, specializing in the production of nitrogen fertilizers. Trading at a P/E ratio of 15.27, the company appears undervalued accordingly InvestingPro Fair Value Analysis. The company's shares are traded on the New York Stock Exchange under the ticker symbol UAN. InvestingPro analysts have identified 7 additional key insights into UAN, available by subscription.
These transactions were conducted indirectly through entities associated with Icahn, including American Entertainment Properties Corp. and IEP Energy Holding LLC. Following these acquisitions, Icahn's total ownership in CVR Partners now stands at 174,192 common units.
CVR Partners, LP, headquartered in Sugar Land, Texas, is a major player in the agrichemical sector, specializing in the production of nitrogen fertilizers. The company's shares are traded on the New York Stock Exchange under the ticker symbol UAN.
In other recent news, CVR Partners, a major player in the agricultural chemicals industry, made important announcements regarding its financial performance and executive compensation. The company recently unveiled an employment agreement with CEO David L. Lamb, effective January 1, 2025, replacing the current contract set to expire at the end of December 2024. The new agreement includes an increase in Mr. Lamb's annual base salary from $1.1. $1 million to $1.2 million, along with a performance-based bonus plan and a long-term incentive plan.
In terms of financial performance, CVR Partners reported third-quarter 2024 results with net sales of $125 million, net income of $4 million, and EBITDA of $36 million. A distribution of US$1.19 per common unit was announced, demonstrating the company's strong operational performance with the ammonia plant's utilization rate reaching 97%. The company also presented its expectations for the fourth quarter of 2024, where it expected the ammonia usage rate to be between 92% and 97%, and expected operating expenses to range from $60 million to $70 million.
These latest developments underscore CVR Partners' commitment to operational efficiency and market responsiveness. Despite experiencing unplanned downtime in upgrade units, which impacted UAN sales volumes, the company saw an increase in ammonia and UAN prices. The company remains wary of geopolitical risks but optimistic due to strong demand and favorable pricing conditions for its products.
This article was created with the power of artificial intelligence and reviewed by an editor. For more information, see our terms and conditions.
