CVR Refining Q3 Profit Declines - Quick Facts

(RTTNews) - CVR Refining, LP (CVRR), a refiner and marketer of petroleum fuels, reported third-quarter net income of $86.0 million, compared to $318.6 million, prior year. Profit per share for the quarter was $0.58.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.45 for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased to $1.91 billion, from $2.34 billion, prior year.

"Our third quarter results were significantly impacted by the unprecedented downtime associated with the outage of the Fluid Catalytic Cracking Unit at the Coffeyville refinery due to a failure of a major piece of equipment in the unit. In addition, crude differentials tightened in late August and crack spreads and product basis weakened during the quarter, further impacting our results," said Jack Lipinski, chief executive officer of CVR Refining, LP.

CVR Refining also announced a third quarter 2013 distribution of 30 cents per common unit. CVR Refining also updated its 2013 full year distribution outlook to $3.45 to $3.70 per common unit, which includes 18 cents from the pre-IPO period of Jan. 1, 2013, to Jan. 22, 2013.