CVR Energy sinks after swinging to Q3 loss, suspending dividend
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CVR Energy (NYSE:CVI) -22.9% post-market Monday, trading at two-and-a-half year lows, after reporting a larger than expected Q3 adjusted loss and suspending its dividend.
Q3 swung to a net loss of $124M, or a loss of $1.24/share, and an EBITDA loss of $35M, from net income of $353M, or $3.51/share, and EBITDA of $530M, for the year-earlier quarter.
CVR Energy (CVI) said Q3 results for its refining business were hurt by reduced refining throughputs due to unplanned downtime at its facilities, caused partially by external power supply outages during the quarter.
CEO Dave Lamp said the decision to suspend the quarterly dividend reflects concerns over how long the current margin environment will persist in light of the company's large, planned turnaround at its Coffeyville refinery in Q1 2025.
CVR Partners (UAN), however, announced a cash distribution of $1.19/unit, to be paid on November 18.
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