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CVR Energy Inc. (CVI) delivers essential petroleum refining and nitrogen fertilizer solutions through integrated operations across the midcontinent. This news hub provides investors and industry stakeholders with authoritative updates on corporate developments, operational milestones, and market positioning.
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CVR Energy, Inc. (NYSE: CVI) is set to announce its first quarter 2023 earnings on May 1, 2023, following the close of trading. A teleconference to discuss these results will be held on May 2 at 1 p.m. Eastern, accessible via the company's website. Investors can participate by calling (877) 407-8291. The earnings release will be published through GlobeNewswire and available on CVR Energy's website.
CVR Energy operates in the renewable fuels and petroleum refining sectors and is involved in nitrogen fertilizer production through its stake in CVR Partners, LP. The company holds a 37% ownership of CVR Partners’ common units, positioning it well in the energy and agriculture sectors.
CVR Energy reported a strong financial performance for 2022, with net income of $463 million and EBITDA of $1.2 billion. The Company achieved a 50% reduction in its total recordable incident rate compared to 2021, signifying improved operational safety. A quarterly cash dividend of 50 cents was increased for Q4 2022, resulting in cumulative dividends of $5.30 for the year. Strong results were attributed to heightened crack spreads driven by tight inventories. The fourth quarter saw a net income of $112 million on sales of $2.7 billion, significantly up from a loss in Q4 2021. CVR Partners also delivered strong cash distributions, reinforcing a total return to shareholders of 115% for 2022.
CVR Energy, Inc. (NYSE: CVI) is set to release its fourth quarter and full-year 2022 earnings results on February 21, 2023, after market close. The company will also hold a teleconference on February 22 at 1 p.m. Eastern to discuss the results. Interested parties can access the call via webcast on the company's Investor Relations website or by phone at (877) 407-8291. Following the call, an archived version will be available for 14 days. CVR Energy operates in renewable fuels and petroleum refining, along with nitrogen fertilizer manufacturing through CVR Partners, LP, of which it owns 37% of common units.
CVR Energy reported a net income of $93 million for Q3 2022, translating to 92 cents per diluted share, up from $84 million or 83 cents in Q3 2021. Net sales surged to $2.7 billion from $1.9 billion. Adjusted EBITDA rose to $313 million, compared to $99 million in the previous year. The Board approved a 40 cents regular dividend and a special dividend of $1.00 per share, totaling $4.80 year-to-date. However, results were impacted by high Renewable Identification Number costs and a decline in throughput volumes due to plant outages.