CVR Energy Q1 Profit Decreases - Quick Facts

(RTTNews) - CVR Energy, Inc. (CVI), a company engaged in petroleum refining and nitrogen fertilizer manufacturing, Thursday reported a drop in profit for the first quarter mainly due to a higher cost of product sold and an increase in earnings attributable to non-controlling interest. Revenue, however, rose during the period.

For the first quarter, net earnings declined to $126.7 million or $1.46 per share, from $165 million or $1.90 per share a year ago. Adjusted earnings were $81.9 million or $0.94 per share, while in the prior year adjusted earnings were $156.8 million or $1.81 per share.

On average, 3 analysts polled by Thomson-Reuters estimated earnings to be $0.82 for the quarter. Analysts' estimates typically exclude one-time items.

Cost of product sold advanced to $2.077 billion from $1.814 billion a year earlier. During the period, net earnings attributable to non-controlling interest rose to $87 million from $47.7 million a year ago.

For the three months to March, adjusted EBITDA plunged to $154.1 million from $286.6 million a year ago.

Net sales, however, grew to $2.447 billion from $2.352 billion a year earlier. Analysts expected revenues of $2.25 billion.

The board has recommended a quarterly dividend of 75 cents per, payable on May 19 to shareholders of record on May 12.