Published on 21 Feb 2024 on GuruFocus.com via Yahoo Finance
CVR Energy Inc (CVI) Announces Full-Year 2023 Financial Results and Dividend Payout
Net Income: CVR Energy Inc (NYSE:CVI) reported a full-year 2023 net income of $769 million, a significant increase from $463 million in 2022.EBITDA: The company achieved a record EBITDA of $1.4 billion for the year, up from $1.2 billion in the previous year.Dividends: CVR Energy declared a quarterly cash dividend of 50 cents for Q4 2023, with a total of $4.50 per share for the year.Net Sales: Full-year net sales were $9.2 billion, a decrease from $10.9 billion in 2022, reflecting market dynamics.Adjusted Earnings Per Share: Adjusted earnings for the full year were $5.64 per diluted share, compared to $6.04 in 2022.Refining Margin: The refining margin for the full year was $1.7 billion, or $21.82 per total throughput barrel, an improvement from 2022.Nitrogen Fertilizer Segment: Operating income for the segment was $201 million on net sales of $681 million for the full year, down from 2022 results.
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