Wednesday, CVR Energy, Inc. (CVI) reported a rise in the first-quarter profit from the year-ago period even as revenues plunged, reflecting lower expenses.
The Sugar Land, Texas-based company reported a first-quarter net income of $30.7 million or $0.36 per share, up from $22.2 million or $0.26 per share in the corresponding quarter last year.
Excluding items, adjusted net income for the quarter increased to $45.9 million or $0.53 per share from $30.4 million or $0.35 per share in the similar period last year.
Net sales for the first-quarter of fiscal 2009 declined to $609.4 million from $1.22 billion in the comparable period of fiscal 2008.
CEO Jack Lipinski said, "Consistent operations at both our refinery and nitrogen fertilizer plant clearly supported CVR Energy's financial performance during the first quarter. The nitrogen fertilizer plant operated at near full capacity, and total throughput of crude oil and all other feedstocks and blendstocks at our refinery averaged 120,667 barrels per day."
Operating income for the quarter increased to $91.0 million from $87.4 million in the same period last year.
Loss on derivatives for the quarter narrowed to $36.9 million from $47.9 million in the prior-year similar period.
Income tax expense for the quarter widened to $12.0 million from $6.9 million in the corresponding period last year.
Also, during the first quarter 2009 CVR Energy paid off the remaining $62.4 million balance of a deferral owed to J. Aron & Company as a result of the 2007 flood at the refinery in Coffeyville, Kansas. That payment had been due July 2009.
CVR Energy is currently trading at $8.00, down $0.36 or 4.31%, on a volume of 285,015 shares on the NYSE.
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