CVR Energy 4Q net falls, adjusted results top view

The company, controlled by billionaire Carl Icahn, recently spun off its refining business, CVR Refining LP. It still has a majority stake in that as well as CVP Partners LP, which supplies nitrogen fertilizer.

CVR said Tuesday that it earned $40.2 million, or 46 cents per share, for the quarter that ended Dec. 31, down from $65.9 million, or 75 cents per share, a year ago.

Excluding unusual items, its adjusted earnings amounted to $1.20 per share. Analysts surveyed by FactSet expected earnings of 97 cents per share.

Its net revenue jumped to $1.88 billion from $1.06 billion a year ago. Analysts expected revenue of $1.8 billion.

For the year, CVR earned $378.6 million, or $4.33 per share, up from $345.8 million, or $3.94 per share, a year earlier. Annual revenue rose to $8.57 billion from $5.03 billion.