CVR Energy (CVI) came out with a quarterly loss of $0.50 per share versus the Zacks Consensus Estimate of a loss of $0.13. This compares to earnings of $1.89 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -284.62%. A quarter ago, it was expected that this diversified holding company would post a loss of $0.30 per share when it actually produced earnings of $0.09, delivering a surprise of 130%. Over the last four quarters, the ...

[Third Quarter 2024 Financial Highlights](index=1&type=section&id=CVR%20Energy%20Reports%20Third%20Quarter%202024%20Results) CVR Energy reported a Q3 2024 net loss of $124 million, a significant decline from Q3 2023, driven by Petroleum Segment issues, leading to dividend suspension [Overall Performance](index=1&type=section&id=Overall%20Performance) CVR Energy reported a Q3 2024 net loss of $124 million, a significant decline from Q3 2023, driven by Petroleum Segment issues, leading to dividend suspension Q3 2024 Consolidated Financial Results vs. Q3 2023 | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net (Loss) Income Attributable to CVR Energy | ($124 million) | $353 million | | (Loss) Earnings per Diluted Share | ($1.24) | $3.51 | | Adjusted (Loss) Earnings per Diluted Share | ($0.50) | $1.89 | | EBITDA | ($35 million) | $530 million | | Adjusted EBITDA | $63 million | $313 million | - The refining business performance was negatively impacted by reduced throughputs from unplanned downtime at both facilities, partially due to external power outages[2](index=2&type=chunk) - The Board suspended the quarterly dividend, citing concerns about the persistence of the current margin environment and a large, planned turnaround at the Coffeyville refinery in Q1 2025[2](index=2&type=chunk) - CVR Partners announced a cash distribution of **$1.19 per common unit** for Q3 2024[1](index=1&type=chunk)[3](index=3&type=chunk)[12](index=12&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) This section details the financial and operational performance of the Petroleum and Nitrogen Fertilizer segments, highlighting their contrasting results [Petroleum Segment](index=1&type=section&id=Petroleum) The Petroleum Segment reported a Q3 2024 net loss of $110 million, a sharp reversal from Q3 2023, driven by lower throughput and significantly reduced refining margins Petroleum Segment Financials (Q3 2024 vs. Q3 2023) | Metric | Q3 2024 (million) | Q3 2023 (million) | | :--- | :--- | :--- | | Net (Loss) Income | ($110 million) | $460 million | | EBITDA | ($75 million) | $484 million | | Adjusted EBITDA | $24 million | $281 million | Petroleum Segment Operational Metrics (Q3 2024 vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Combined Total Throughput | 189,000 bpd | 212,000 bpd | | Refining Margin per Barrel | $2.53 | $31.05 | | Adjusted Refining Margin per Barrel | $8.23 | $20.73 | - Q3 2024 refining margin was negatively affected by a $59 million unfavorable mark-to-market impact on RFS obligations, a $9 million unfavorable derivative impact, and a $31 million unfavorable inventory valuation impact[5](index=5&type=chunk) [Nitrogen Fertilizer Segment](index=2&type=section&id=Nitrogen%20Fertilizer) The Nitrogen Fertilizer Segment showed strong Q3 2024 performance with net income rising to $4 million and increased EBITDA, supported by higher realized prices Nitrogen Fertilizer Segment Financials (Q3 2024 vs. Q3 2023) | Metric | Q3 2024 (million) | Q3 2023 (million) | | :--- | :--- | :--- | | Net Sales | $125 million | $131 million | | Net Income | $4 million | $1 million | | EBITDA | $36 million | $32 million | Nitrogen Fertilizer Production & Pricing (Q3 2024 vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Ammonia Production | 212,000 tons | 217,000 tons | | UAN Production | 321,000 tons | 358,000 tons | | Avg. Realized UAN Price | $229/ton (+3% YoY) | $223/ton | | Avg. Realized Ammonia Price | $399/ton (+9% YoY) | $365/ton | [Corporate and Other](index=2&type=section&id=Corporate%20and%20Other) The company reported a Q3 2024 tax benefit of $6 million due to lower pretax earnings, while renewable diesel throughput decreased due to optimized catalyst life - Reported an income tax benefit of **$6 million**, or **4.6%** of loss before income taxes, compared to an expense of **$84 million** in Q3 2023[9](index=9&type=chunk) - The renewable diesel unit's throughput decreased to **19.6 million gallons** from **23.8 million gallons** in Q3 2023, as the unit was run at lower utilization rates to optimize catalyst life[10](index=10&type=chunk) [Financial Position and Shareholder Returns](index=2&type=section&id=Financial%20Position%20and%20Shareholder%20Returns) This section outlines CVR Energy's cash and debt position, along with its decision to suspend dividends, contrasting with CVR Partners' distribution [Cash, Debt, and Dividends](index=2&type=section&id=Cash%2C%20Debt%20and%20Dividend) As of September 30, 2024, CVR Energy held **$534 million** cash and **$1.6 billion** debt, suspending its Q3 2024 dividend, while CVR Partners declared a distribution Cash and Debt Position (as of Sept 30, 2024) | Metric | Amount | | :--- | :--- | | Consolidated Cash and Cash Equivalents | $534 million | | Consolidated Total Debt and Finance Lease Obligations | $1.6 billion | - CVR Energy will not pay a cash dividend for the third quarter of 2024[11](index=11&type=chunk) - CVR Partners declared a Q3 2024 cash distribution of **$1.19 per common unit** for Q3 2024, payable on November 18, 2024[12](index=12&type=chunk) [Q4 2024 Outlook](index=13&type=section&id=Q4%202024%20Outlook) The Q4 2024 outlook forecasts petroleum throughput of **200,000-215,000 bpd**, total capital expenditures of **$59-70 million**, and nitrogen fertilizer ammonia utilization of **92-97%** Q4 2024 Outlook | Category | Metric | Low | High | | :--- | :--- | :--- | :--- | | **Petroleum** | Total throughput (bpd) | 200,000 | 215,000 | | | Direct operating expenses | $100M | $110M | | | Turnaround expenses | $8M | $12M | | **Renewables** | Total throughput (M gallons) | 17 | 22 | | | Direct operating expenses | $9M | $11M | | **Nitrogen Fertilizer** | Ammonia utilization rate | 92% | 97% | | | Direct operating expenses | $60M | $70M | | **Capital Expenditures** | Total | $59M | $70M | [Financial Tables](index=8&type=section&id=Financial%20Tables) This section provides comprehensive unaudited consolidated financial statements and segment operating data for the reported periods [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) This section presents unaudited consolidated financial statements for Q3 and YTD September 2024, including Statement of Operations, Balance Sheet, and Cash Flow data Consolidated Statement of Operations Data (in millions, except per share data) | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | Net sales | $1,833 | $2,522 | $5,663 | $7,045 | | Operating (loss) income | ($113) | $445 | $37 | $1,000 | | Net (loss) income attributable to CVR Energy stockholders | ($124) | $353 | ($22) | $678 | | Basic and diluted (loss) earnings per share | ($1.24) | $3.51 | ($0.22) | $6.74 | Selected Consolidated Balance Sheet Data (in millions) | | Sep 30, 2024 | Dec 31, 2023 | | :--- | :---: | :---: | | Cash and cash equivalents | $534 | $581 | | Total assets | $3,878 | $4,707 | | Total debt and finance lease obligations | $1,582 | $2,185 | | Total CVR stockholders' equity | $675 | $847 | Selected Consolidated Cash Flow Data (in millions) | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | Net cash provided by operating activities | $48 | $370 | $306 | $984 | | Net cash used in investing activities | ($35) | ($51) | ($164) | ($181) | | Net cash used in financing activities | ($65) | ($181) | ($794) | ($424) | | Free cash flow* | $13 | $318 | $141 | $802 | [Segment Operating Data](index=10&type=section&id=Segment%20Operating%20Data) This section details key operating metrics and market indicators for Petroleum and Nitrogen Fertilizer segments, including throughput, production, utilization, sales, and pricing data Petroleum Segment Key Operating Metrics per Total Throughput Barrel | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | Refining margin | $2.53 | $31.05 | $9.96 | $24.33 | | Adjusted refining margin | $8.23 | $20.73 | $9.51 | $20.02 | | Direct operating expenses | $5.72 | $5.39 | $6.14 | $5.58 | Nitrogen Fertilizer Consolidated Sales and Pricing | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | **Sales Volumes (k tons)** | | | | | | Ammonia | 62 | 62 | 175 | 183 | | UAN | 336 | 387 | 950 | 1,075 | | **Product Pricing at Gate ($/ton)** | | | | | | Ammonia | $399 | $365 | $481 | $633 | | UAN | $229 | $223 | $254 | $330 | [Non-GAAP Reconciliations](index=14&type=section&id=Non-GAAP%20Reconciliations) This section provides reconciliations of non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted EPS, and Free Cash Flow, for consolidated and segment results Reconciliation of Net (Loss) Income to Adjusted EBITDA (in millions) | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | Net (loss) income | ($122) | $354 | $5 | $781 | | EBITDA | ($35) | $530 | $271 | $1,231 | | Adjustments | $98 | ($217) | ($22) | ($237) | | **Adjusted EBITDA** | **$63** | **$313** | **$249** | **$994** | Reconciliation of Petroleum Net (Loss) Income to Adjusted EBITDA (in millions) | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | Petroleum net (loss) income | ($110) | $460 | $35 | $913 | | Petroleum EBITDA | ($75) | $484 | $152 | $989 | | Adjustments | $99 | ($203) | ($24) | ($239) | | **Petroleum Adjusted EBITDA** | **$24** | **$281** | **$128** | **$750** |

Company Overview - CVR Energy (CVI) is anticipated to report a year-over-year decline in earnings due to lower revenues for the quarter ended September 2024, with earnings expected to be a loss of $0.13 per share, reflecting a change of -106.9% [1][2] - Revenues are projected to be $1.98 billion, down 21.3% from the same quarter last year [2] Earnings Estimates and Revisions - The consensus EPS estimate for CVR has been revised 157.14% lower over the last 30 days, indicating a significant reassessment by analysts [3] - The Most Accurate Estimate for CVR matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [6] Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a favorable Zacks Rank [4][5] - CVR currently holds a Zacks Rank of 4 (Sell), complicating the prediction of an earnings beat [6] Historical Performance - In the last reported quarter, CVR was expected to post a loss of $0.30 per share but delivered earnings of $0.09, resulting in a surprise of +130% [7] - Over the past four quarters, CVR has beaten consensus EPS estimates three times [7] Industry Context - Valero Energy (VLO), a peer in the Oil and Gas - Refining and Marketing industry, is expected to report earnings of $1.29 per share for the same quarter, indicating a year-over-year change of -82.8% [9] - Valero's revenues are projected to be $33.04 billion, down 14% from the previous year, with a consensus EPS estimate revised 7.6% lower [9]

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout. Benzinga readers can review the latest analyst takes on their favorite stocks by visiting Analyst Stock Ratings page. Traders can sort through Benzinga's extensive database of analyst ratings, including by analyst accuracy. Below are the ratings of the most accurate analysts for three high-yie ...

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout. Benzinga readers can review the latest analyst takes on their favorite stocks by visiting Analyst Stock Ratings page. Traders can sort through Benzinga's extensive database of analyst ratings, including by analyst accuracy. Below are the ratings of the most accurate analysts for three high-yie ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|----------|-------|----------|-------|----------|-------|-------|----------| | (in millions) \nCVR Partners - Phantom Unit Awards | 2024 \n$ | \n1 | 2023 \n$ | \n2 | 2024 \n$ | \n2 | $ | 2023 \n4 | | Incentive Unit Awards | | — | | 4 | | 8 | | 11 | | Total share-based compensation expense | $ | 1 | $ | 6 | $ | 10 | $ | 15 | • changes in tax and other laws, regulations and policies, inc ...

CVR Energy, Inc. (NYSE:CVI) Q2 2024 Earnings Conference Call July 30, 2024 1:00 PM ET Company Participants Richard Roberts - Vice President, FP&A and IR Dave Lamp - Chief Executive Officer Dane Neumann - Chief Financial Officer Conference Call Participants John Royall - JPMorgan Neil Mehta - Goldman Sachs Paul Cheng - Scotiabank Matthew Blair - Tudor, Pickering Operator Greetings. And welcome to the CVR Energy Second Quarter 2024 Conference Call. At this time, all participants are in a listen-only mode. A b ...

While CVR has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and tre ...

Exhibit 99.1 • Second quarter net income attributable to CVR Energy stockholders of $21 million; EBITDA of $103 million; adjusted EBITDA of $87 million • Second quarter earnings per diluted share of 21 cents and adjusted earnings per diluted share of 9 cents • Announced cash dividend of 50 cents per share • CVR Partners announced a cash distribution of $1.90 per common unit SUGAR LAND, Texas (July 29, 2024) – CVR Energy, Inc. (NYSE: CVI, "CVR Energy" or the "Company") today announced net income attributable ...

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. Wall Street expects a year-over-year decline in earnings on lower revenues when CVR Energy (CVI) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powe ...