Rentech Nitrogen Partners, L.P. (RNF) announced a third quarter distribution at 27 cents per unit after the close, down from 85 cents in Q3 of 2012. The units traded down 10% in after hours, albeit on low volume. The seven analysts polled by S&P/Capital I.Q. expected on average 46 cents for Q3 earnings per unit, with a range of 29-60 cents.
Cash available for distribution or CAD can differ significantly from EPU due to both add-backs such as depreciation and amortization or customer deposits, and deductions for capital expenditures or reserves to cover major turnarounds. But Rentech's expansion plans are fully-funded (with a prior debt issuance), it does not typically reserve for future quarter distribution shortfalls caused by...
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