The earnings call highlighted significant challenges faced by CVR Energy, including a substantial net loss, unplanned downtime, and regulatory issues with the EPA, which led to the suspension of the dividend. Despite these challenges, the fertilizer and renewable diesel segments showed positive performance, and the company's liquidity remains strong. However, the lowlights outweigh the highlights, indicating difficulties in the current market environment.

Company Guidance

During the CVR Energy Third Quarter 2024 earnings call, management detailed the company's financial performance, highlighting a consolidated net loss of $122 million and a loss per share of $1.24, with an EBITDA loss of $35 million. The call emphasized the impact of unplanned downtime, resulting in a crude oil utilization rate of 85% and a lost profit opportunity of approximately $23 million. The Petroleum segment reported a combined total throughput of 189,000 barrels per day and a light product yield of 99% on crude oil processed. A notable decision was the suspension of the quarterly dividend to preserve cash in light of challenging refining markets and the impending Coffeyville turnaround next year. For the Fertilizer segment, adjusted EBITDA was $36 million, driven by higher market prices and lower operating expenses, while the company projected total capital spending for 2024 to be between $170 million and $195 million. Looking ahead, CVR Energy estimated fourth-quarter Petroleum segment throughput to range from 200,000 to 215,000 barrels per day, with direct operating expenses between $100 million and $110 million.

Fertilizer Segment Performance

The fertilizer segment showed strong performance with a consolidated ammonia utilization of 97% and higher market prices for ammonia and UAN. Adjusted EBITDA in the Fertilizer segment was $36 million for the third quarter.

Renewable Diesel Unit Success

The Wynnewood renewable diesel unit processed approximately 20 million gallons of vegetable oil feedstocks, contributing positively to the quarter's results due to higher prices for D4 RINs and LCFS credits.

Cash and Liquidity Position

CVR Energy ended the quarter with a consolidated cash balance of $534 million and total liquidity of approximately $713 million, including cash and availability under the ABL facility.

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CVR Energy (CVI) Earnings, Revenues Date & History

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CVI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 25, 2025	2024 (Q4)	-0.42 / -	0.65	―	―	―
Oct 28, 2024	2024 (Q3)	-0.09 / -0.50	1.89	-126.46% (-2.39)	―
Jul 29, 2024	2024 (Q2)	-0.21 / 0.09	1.64	-94.51% (-1.55)	―
Apr 29, 2024	2024 (Q1)	0.17 / 0.04	1.44	-97.22% (-1.40)	―
Feb 20, 2024	2023 (Q4)	0.36 / 0.65	1.68	-61.31% (-1.03)	―
Oct 30, 2023	2023 (Q3)	1.93 / 1.89	1.9	-0.53% (-0.01)	―
Jul 31, 2023	2023 (Q2)	1.13 / 1.64	2.45	-33.06% (-0.81)	―
May 01, 2023	2023 (Q1)	1.04 / 1.44	0.02	7100.00% (+1.42)	―
Feb 21, 2023	2022 (Q4)	1.49 / 1.68	-0.2	940.00% (+1.88)	―
Oct 31, 2022	2022 (Q3)	1.90 / 1.90	-0.24	891.67% (+2.14)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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CVI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 28, 2024	$23.82	$18.06	-24.18%
Jul 29, 2024	$26.40	$28.18	+6.74%
Apr 29, 2024	$31.94	$29.30	-8.27%
Feb 20, 2024	$32.74	$31.76	-2.99%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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