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Dec 31, 2022
CVR Energy Q4 2022 Earnings Report
CVR Energy reported net income and EPS increase compared to Q4 2021, driven by improved crack spreads.
Key Takeaways
CVR Energy reported a strong fourth quarter with net income of $112 million, or $1.11 per diluted share, compared to a net loss in Q4 2021. The results were driven by improved crack spreads. The company also announced a cash dividend of 50 cents per share.
Reported Q4 2022 net income of $112 million, or $1.11 per diluted share.
Net sales of $2.7 billion for Q4 2022, compared to $2.1 billion in Q4 2021.
CVR Partners declared a fourth quarter 2022 cash distribution of $10.50 per common unit.
Increased quarterly cash dividend to 50 cents for the fourth quarter 2022.
Revenue by Segment
Forward Guidance
CVR Energy provided its outlook for Q1 2023, including estimates for throughput, operating expenses, and turnaround expenses for its Petroleum and Nitrogen Fertilizer segments. The company also provided guidance for Renewable diesel throughput and operating expenses.
Positive Outlook
- Petroleum total throughput between 180,000 and 195,000 bpd.
- Renewables total throughput between 20 and 25 million gallons.
- Consolidated Ammonia utilization rates between 95% and 100%.
- Coffeyville Fertilizer Facility Ammonia utilization rates between 95% and 100%.
- East Dubuque Fertilizer Facility Ammonia utilization rates between 95% and 100%.
Challenges Ahead
- Petroleum direct operating expenses between $95 million and $105 million.
- Petroleum turnaround expenses between $35 million and $45 million.
- Renewables direct operating expenses between $2 million and $4 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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