Oil refiner CVR Energy, Inc. (CVI) reported Tuesday a profit for the fourth quarter that declined 39 percent from last year, reflecting lower gains on derivatives and higher charges. However, adjusted earnings per share and quarterly revenues topped analysts' expectations, on strong double-digit revenue growth and higher refining margins.
The Sugar Land, Texas-based nitrogen fertilizer products manufacturer reported net income of $40.2 million or $0.46 per share for the fourth quarter, lower than $65.9 million or $0.75 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $103.8 million or $1.20 per share, compared to $29.5 million or $0.34 per share in the year-ago quarter.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.89 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter surged 77.1 percent to $1.88 billion from $1.06 billion in the same quarter last year, and topped three Wall Street analysts' consensus estimate of $1.78 billion.
Petroleum business net sales surged to $1.82 billion from $979.5 million in the prior-year quarter.
Crude oil throughput for the quarter averaged 147,815 bpd per day, up from 93,705 bpd in the year-ago quarter.
Throughput of crude oil and all other feedstocks and blendstocks totaled 162,603 barrels per day (bpd), higher than 97,630 bpd total throughput for the same period last year.
Refining margin per crude oil throughput barrel was $24.98 for the quarter, an increase from $15.13 per crude oil throughput barrel last year.
Nitrogen fertilizer net sales of $67.6 million was lower than $87.6 million in the year-ago quarter. Average realized plant gate prices for ammonia and urea ammonium nitrate or UAN were $676 per ton and $274 per ton respectively, compared to $606 per ton and $334 per ton respectively in the prior-year quarter.
For fiscal 2012, the company reported net income of $378.6 million or $4.33 per share, higher than $345.8 million or $3.94 per share in the prior year. Excluding items, adjusted net income for the year was $660.1 million or $7.55 per share, compared to $345.7 million or $3.94 per share in the year ago. Net sales for the full year surged 70.4 percent to $8.57 billion from $5.03 billion in the previous year.
Analysts expected the company to report full-year 2012 earnings of $7.23 per share on annual revenues of $8.47 billion.
CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries through its holdings in two limited partnerships, CVR Partners, LP (UAN) and CVR Refining, LP (CVRR).
Billionaire and activist investor Carl Icahn owns nearly over 82 percent of CVR Energy, his second-largest public equity holding, and previously planned to take the company private, but the deal fell about in August 2012. Since then, the stock has more than doubled.
Icahn then sought an IPO for CVR's oil refineries, CVR Refining LP (CVRR), which listed on the NYSE on January 17.
Separately, CVR Refining, a refiner and marketer of petroleum fuels, announced lower fourth-quarter net income of $54.6 million, compared to $77.5 million last year. Operating income was $120.4 million, compared to a loss of $11.8 million in the same quarter last year.
CVR closed Monday's regular trading session at $58.65, down $0.40 on a volume of 0.58 million shares.
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