分组1 - CVR Energy reported a quarterly loss of $0.58 per share, better than the Zacks Consensus Estimate of a loss of $0.90, and compared to earnings of $0.04 per share a year ago, representing an earnings surprise of 35.56% [1] - The company posted revenues of $1.65 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.65%, but down from $1.86 billion year-over-year [2] - Over the last four quarters, CVR has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times as well [2] 分组2 - The stock has lost about 1.8% since the beginning of the year, while the S&P 500 has declined by 6.1% [3] - The current consensus EPS estimate for the coming quarter is $0.22 on revenues of $1.98 billion, and for the current fiscal year, it is -$0.38 on revenues of $7.52 billion [7] - The Zacks Industry Rank for Oil and Gas - Refining and Marketing is in the bottom 38% of over 250 Zacks industries, indicating potential challenges for stock performance [8] 分组3 - The estimate revisions trend for CVR is currently mixed, resulting in a Zacks Rank 3 (Hold), suggesting the shares are expected to perform in line with the market in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - HF Sinclair, another company in the same industry, is expected to report quarterly earnings of $0.59 per share, reflecting a year-over-year change of -16.9% [9]

Financial Performance - First quarter 2025 net loss attributable to CVR Energy stockholders was $123 million, or $1.22 per diluted share, compared to a net income of $82 million, or 81 cents per diluted share in Q1 2024[3]. - The company reported a net loss of $105 million for Q1 2025, compared to a net income of $90 million in Q1 2024, resulting in a basic and diluted loss per share of $1.22[39]. - Net sales for the three months ended March 31, 2025, were $1,646 million, a decrease of 11.6% compared to $1,863 million in the same period of 2024[39]. - Free cash flow for Q1 2025 was $(285) million, a decline from $121 million in Q1 2024, reflecting increased cash outflows[41]. - Consolidated cash and cash equivalents were $695 million at March 31, 2025, a decrease of $292 million from December 31, 2024; total debt was $1.9 billion[17]. Segment Performance - The Petroleum Segment reported a net loss of $160 million and an EBITDA loss of $119 million in Q1 2025, compared to net income of $127 million and EBITDA of $171 million in Q1 2024[5]. - Renewables Segment achieved a net income of less than $1 million and EBITDA of $6 million in Q1 2025, compared to a net loss of $10 million and EBITDA loss of $4 million in Q1 2024[10]. - Nitrogen Fertilizer Segment reported net income of $27 million and EBITDA of $53 million on net sales of $143 million for Q1 2025, compared to net income of $13 million and EBITDA of $40 million on net sales of $128 million in Q1 2024[13]. Operational Metrics - Combined total throughput for Q1 2025 was approximately 120,000 barrels per day, a decrease from approximately 196,000 bpd in Q1 2024, primarily due to the turnaround at the Coffeyville refinery[6]. - Total throughput for the company's refineries was 120,377 bpd in Q1 2025, a decrease from 195,792 bpd in Q1 2024, reflecting reduced operational capacity[47]. - Total vegetable oil throughput for Q1 2025 was approximately 156,000 gallons per day, up from approximately 76,000 gallons per day in Q1 2024[11]. - Renewable diesel production increased to 144,189 gallons per day in Q1 2025, up from 62,594 gallons per day in Q1 2024, reflecting a 130% growth[52]. - Renewable utilization rate improved to 61.9% in Q1 2025, compared to 30.0% in Q1 2024[52]. Pricing and Margins - Average realized gate prices for ammonia increased by 5% to $554 per ton in Q1 2025, while UAN prices decreased by 4% to $256 per ton[15]. - The refining margin for Q1 2025 was $(0.42) per throughput barrel, a sharp decline from $16.29 in Q1 2024, while the adjusted refining margin was $7.72 compared to $10.46 in the prior year[46]. - The renewables margin for Q1 2025 improved to $1.13 per vegetable oil throughput gallon, up from $0.65 in Q1 2024, indicating better performance in the renewables segment[51]. - Adjusted renewables margin rose to $13 million in Q1 2025, up from $3 million in Q1 2024, indicating a significant improvement in profitability[70]. Future Projections - Total throughput for petroleum is projected to be between 160,000 and 180,000 barrels per day in Q2 2025, with crude utilization expected between 82% and 90%[62]. - Direct operating expenses for renewables are estimated to be between $8 million and $10 million in Q2 2025[62].

Financial Performance - CVR Energy reported a first quarter 2025 net loss attributable to stockholders of $123 million, or $1.22 per diluted share, compared to a net income of $82 million, or 81 cents per diluted share in the first quarter of 2024 [1][10] - Adjusted loss for the first quarter of 2025 was 58 cents per diluted share, compared to adjusted earnings of 4 cents in the first quarter of 2024 [1][10] - The company's EBITDA loss for the first quarter of 2025 was $61 million, down from an EBITDA of $203 million in the same period of 2024 [1][10] Segment Performance - The Petroleum Segment reported a first quarter 2025 net loss of $160 million and an EBITDA loss of $119 million, compared to a net income of $127 million and EBITDA of $171 million for the first quarter of 2024 [3][11] - The Renewables Segment achieved a net income of less than $1 million and EBITDA of $6 million for the first quarter of 2025, improving from a net loss of $10 million and EBITDA loss of $4 million in the first quarter of 2024 [7][9] - The Nitrogen Fertilizer Segment reported net income of $27 million and EBITDA of $53 million on net sales of $143 million for the first quarter of 2025, compared to net income of $13 million and EBITDA of $40 million on net sales of $128 million for the first quarter of 2024 [11] Operational Metrics - Combined total throughput for the first quarter of 2025 was approximately 120,000 barrels per day, down from approximately 196,000 barrels per day in the first quarter of 2024, primarily due to the turnaround at the Coffeyville refinery [4][46] - The refining margin for the first quarter of 2025 was $(5) million, or (42) cents per total throughput barrel, compared to $290 million, or $16.29 per total throughput barrel during the same period in 2024 [5][45] - The Renewables margin was $16 million, or $1.13 per vegetable oil throughput gallon, for the first quarter of 2025, compared to $4 million, or 65 cents per vegetable oil throughput gallon, for the first quarter of 2024 [9][49] Cash and Debt Position - Consolidated cash and cash equivalents were $695 million at March 31, 2025, a decrease of $292 million from December 31, 2024 [15] - Total debt and finance lease obligations were $1.9 billion at March 31, 2025, including $570 million held by the Nitrogen Fertilizer Segment [15][39] Market Indicators - Average realized gate prices for ammonia increased by 5 percent to $554 per ton in the first quarter of 2025, while UAN prices decreased by 4 percent to $256 per ton [13][55] - The West Texas Intermediate (WTI) crude oil price averaged $71.42 per barrel in the first quarter of 2025, down from $76.91 per barrel in the same period of 2024 [48]

Core Viewpoint - CVR Energy, Inc. is expected to report a loss of $0.89 per share on revenue of $1.31 billion for the first quarter, with the stock down approximately 43.78% over the past year, although it has shown resilience recently [1]. Group 1: Stock Performance - CVR Energy's stock has decreased by 43.78% over the past year but has only fallen 0.85% year-to-date and 6.05% in the past month, indicating some signs of resilience [1]. - The current trading price of CVI stock is $18.67 per share [6]. Group 2: Technical Analysis - The stock is above its eight-day and 20-day simple moving averages, indicating a short-term bullish signal, but is below its 50-day and significantly below its 200-day moving averages, suggesting long-term technical damage [3]. - The MACD indicator shows a negative 0.18, while the RSI is at 51.87, indicating positive momentum but cautioning that the stock may be approaching overbought territory if the rally continues [4]. Group 3: Investor Activity - Carl Icahn has significantly increased his stake in CVR Energy, purchasing over 1.5 million shares worth more than $27 million in April, bringing his total stake to 70.1 million shares [5]. - Icahn's aggressive buying is often a precursor to strategic changes or boardroom battles, suggesting that investors should pay attention to his actions as they may indicate larger shifts within the company [6].

Group 1: Trade and Market Impact - Investors showed relief on April 22 due to signs of easing trade tensions, with hints from President Trump and Treasury Secretary Scott Bessent about potential reductions in the 145% tariffs on Chinese goods [1] - The positive developments regarding tariffs have led to a bullish market trend since April 22, with expectations of further gains as more tariff-related good news is anticipated [2] Group 2: Stock Screening and Recommendations - A screening process has been designed to identify stocks based on improving broker recommendations and upward revisions in earnings estimates over the past four weeks, incorporating the price/sales ratio as a complementary valuation metric [3] - The screening criteria include a net upgrade in ratings, percentage change in earnings estimates, price-to-sales ratio, stock price above $5, average daily volume over 100,000 shares, and market capitalization in the top 3000 [4][5] Group 3: Featured Stocks - Avis Budget operates as a leading vehicle rental operator with a fleet of nearly 695,000 vehicles, benefiting from strong demand in North America [6] - ABM Industries provides integrated facility solutions and has a strong earnings surprise history, with an average beat of 9.6% over the last four quarters [7] - CVR Energy focuses on renewable energy and petroleum refining, committed to developing renewable biofuels [9] - Delek US Holdings is an independent refiner with significant competitive advantages in the Permian Basin, achieving an average earnings beat of 22.3% [10][11] - Asbury Automotive Group's diversified product mix and e-commerce platform, Clicklane, are driving growth and improving its risk profile [11][12]

Company Overview - CVR Energy (CVI) is expected to report a year-over-year decline in earnings due to lower revenues, with a projected quarterly loss of $0.90 per share, representing a change of -2350% [3][12] - Revenues are anticipated to be $1.62 billion, down 13.1% from the same quarter last year [3] Earnings Expectations - The consensus EPS estimate has been revised 186.67% higher in the last 30 days, indicating a reassessment by analysts [4] - The Most Accurate Estimate for CVR matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, which complicates predictions of an earnings beat [10][11] Historical Performance - In the last reported quarter, CVR was expected to post a loss of $0.65 per share but actually reported a loss of $0.13, resulting in a surprise of +80% [12] - Over the past four quarters, CVR has beaten consensus EPS estimates two times [13] Market Sentiment - The stock may experience upward movement if the actual results exceed expectations, while a miss could lead to a decline [2] - The combination of a Zacks Rank of 3 (Hold) and an Earnings ESP of 0% suggests uncertainty regarding the likelihood of an earnings beat [11][18] Industry Comparison - Phillips 66 (PSX), another player in the Oil and Gas - Refining and Marketing industry, is expected to report earnings of $0.42 per share, reflecting a year-over-year change of -77.9% [17] - Phillips 66's revenues are projected to be $30.67 billion, down 15.8% from the previous year [17]

Group 1 - Billionaire investor Carl Icahn has significantly increased his stake in CVR Energy, Inc., acquiring over 1.5 million shares valued at more than $27 million in April, making it his second-largest holding after Icahn Enterprises [1][2] - From April 3 to April 15, Icahn Enterprises purchased CVR Energy shares consistently, with prices rising from $16.11 to $18.12, indicating strong demand and confidence in the stock [2][3] - Daily purchases ranged from 60,000 to nearly 270,000 shares, reflecting Icahn's bullish stance on CVR Energy, suggesting a strategic move rather than a mere portfolio adjustment [3][4] Group 2 - CVR Energy operates in the refining and nitrogen fertilizer sectors and is now significantly influenced by Icahn, a prominent figure in Wall Street [4] - Icahn's history suggests that his investments often lead to active involvement in company operations, including potential boardroom changes and strategic shifts, indicating that his current stake may lead to transformative actions within CVR Energy [4]

Core Viewpoint - CVR Energy, Inc. is set to release its first quarter 2025 earnings results on April 28, 2025, after market close, followed by a teleconference on April 29, 2025, to discuss these results [1][2]. Group 1: Earnings Release Information - The earnings results will be available via GlobeNewswire and on the company's website [3]. - A teleconference will be held on April 29, 2025, at 1 p.m. Eastern, which will include forward-looking information [2]. Group 2: Company Overview - CVR Energy is a diversified holding company based in Sugar Land, Texas, involved in renewables, petroleum refining, marketing, and nitrogen fertilizer manufacturing through its interest in CVR Partners, LP [4]. - The company owns 37 percent of the common units of CVR Partners, LP and serves as the general partner [4]. Group 3: Contact Information - For investor relations, Richard Roberts can be contacted at (281) 207-3205 or via email at InvestorRelations@CVREnergy.com [5]. - For media inquiries, Brandee Stephens can be reached at (281) 207-3516 or MediaRelations@CVREnergy.com [5].

Core Viewpoint - CVR Energy (NYSE: CVI) has the potential to return to the $30 range if the dividend is reinstated, supported by diversified income streams in the oil, fertilizer, and biofuel markets [1] Group 1: Company Analysis - The company is positioned to capitalize on positive developments in multiple sectors, including oil, fertilizer, and biofuels [1] - The reinstatement of dividends could significantly influence the stock price, indicating a strong correlation between dividend policies and market valuation [1] Group 2: Market Context - The diversified income streams of CVR Energy suggest resilience and adaptability in fluctuating market conditions [1]

Financial Data and Key Metrics Changes - For the full year of 2024, the company reported a consolidated net income of $45 million and an EBITDA of $394 million [7] - For Q4 2024, consolidated net income was $40 million and EBITDA was $122 million [8] - Adjusted EBITDA for Q4 2024 was $67 million, with adjusted losses per share of $0.13 [17][18] - The estimated accrued RFS obligation on the balance sheet was $323 million at December 31, down from $329 million at the end of 2023 [19] Business Segment Data and Key Metrics Changes - In the petroleum segment, EBITDA was $223 million for the full year and $9 million for Q4 2024, with throughput of approximately 214,000 barrels per day [8][9][18] - The fertilizer segment generated $179 million of EBITDA for the full year and $50 million for Q4 2024, with ammonia utilization of 96% [8][21] - The Renewables segment reported $3 million of EBITDA for the full year and $9 million for Q4 2024, a significant improvement from a negative $17 million in Q4 2023 [8][20] Market Data and Key Metrics Changes - Benchmark cracks softened in Q4 2024, with Group 3-2-1-1 averaging $14.32 per barrel [10] - RIN prices increased by $0.17 per barrel from Q3 2024, averaging approximately $4.06 per barrel for Q4 [11] - Prompt fertilizer prices were $600 per ton for ammonia and $315 per ton for UAN at the start of the new year [42] Company Strategy and Development Direction - The company plans to focus on reducing debt and restoring its balance sheet to target levels post-turnaround [43] - There is a cautious optimism regarding refining market conditions improving in 2025 due to supply-demand balance adjustments [30][32] - The company is exploring opportunities in the renewable space but is pausing active pursuits until there is clarity on government subsidies [36][38] Management's Comments on Operating Environment and Future Outlook - Management noted that the refining market remains oversupplied but expects improvements in 2025 due to planned closures and increased demand [29][32] - The turnaround at Coffeyville is expected to extend by 10 to 15 days, with increased costs of $10 to $15 million [33] - The company is optimistic about the fertilizer segment due to tightening grain prices and good demand for the spring [39] Other Important Information - The company ended Q4 2024 with a consolidated cash balance of $987 million [24] - Total consolidated capital spending for 2024 was $128 million in the petroleum segment, $7 million in the fertilizer segment, and $11 million in the renewable segment [23] - The board declared a distribution of $1.75 per common unit for Q4 2024, resulting in a cash distribution of approximately $7 million for the company [21] Q&A Session Summary Question: Future use of free cash flow post-turnaround - Management indicated a focus on deleveraging and a balanced approach to potentially returning dividends as market conditions improve [49][50] Question: Timeline and CapEx for higher jet yield projects - Management stated that building a book of business for jet fuel is a constraint, but they expect to be ready to produce jet at Coffeyville by the end of Q3 [53][54] Question: Diversification of refining operating footprint - Management acknowledged the need to diversify from the Group 3 market and is open to opportunities but noted that bid-ask spreads have been too wide [59][60] Question: Path to positive EBITDA in the Renewables segment - Management highlighted the uncertainty of government subsidies as a major challenge for investments in renewables, particularly SAF [64][66] Question: Tax implications of the Midway pipeline sale - Management confirmed there will be a tax impact from the $90 million sale, with taxes anticipated to be paid in early 2025 [71] Question: Constraints impacting renewable diesel capacity - Management explained that catalyst limitations have necessitated a downgrade in capacity, but future projects could address these constraints [75][76]