CVR Energy Inc. (CVI) saw its stock price plunge by 9.67% in after-hours trading on October 28, 2024, following the release of the company's disappointing third quarter 2024 financial results.

The energy company reported a net loss of $124 million or $1.24 per diluted share in the third quarter, a stark contrast to the net income of $353 million or $3.51 per share in the same period last year. The adjusted loss per share stood at $0.50, compared to an adjusted earnings per share of $1.89 in the third quarter of 2023.

The poor performance was largely attributed to CVR Energy's Petroleum Segment, which reported a net loss of $110 million. The segment was impacted by reduced refining throughputs due to unplanned downtime at both its facilities, partially caused by external power supply outages during the quarter. The refining margin for the segment was only $2.53 per total throughput barrel, a significant decline from $31.05 in the third quarter of 2023.

On a positive note, the company's Nitrogen Fertilizer Segment performed relatively better, reporting a net income of $4 million driven by safe and reliable operations.

In addition to the disappointing results, CVR Energy announced that it will not pay a cash dividend for the third quarter of 2024, citing concerns over the current margin environment ahead of a major turnaround at its Coffeyville refinery scheduled for the first quarter of 2025.