EAST DUBUQUE, Ill. — The parent company of an East Dubuque nitrogen fertilizer facility reported a net loss of $17 million in the fourth quarter of 2020.
That actually represents an improvement compared to a net loss of $25 million in the fourth quarter of 2019 for CVR Partners, according to a press release.
The company reported a net loss of $98 million on net sales of $350 million for all of 2020, compared to a net loss of $35 million on net sales of $404 million for 2019.
Despite those losses, the company saw record ammonia production for the year, with the Coffeyville, Kan., and East Dubuque fertilizer plants posting a combined ammonia production of 852,000 tons, according to the release.
“The record-breaking operating performance of our fertilizer facilities coupled with higher product sales volumes helped offset the lower product pricing that we saw throughout 2020,” CEO Mark Pytosh said in a press release.
He indicated optimism for the year ahead.
“Farmer economics have continued to improve during the past several months, with corn and soybean prices increasing by approximately 75 percent since July 2020,” Pytosh said in the release.
“In addition, weather conditions were favorable for both the harvest and fall ammonia applications, resulting in strong demand. Looking to the spring, we currently are seeing strong customer demand for fertilizer application at prices that are significantly higher than last year.”