Shares of CVR Energy Inc. (CVI) plunged over 26% on Monday, October 29th, after the refining and marketing company reported dismal third-quarter 2024 financial results and suspended its quarterly dividend payment.

For the quarter ended September 30th, CVR Energy posted an adjusted loss of $0.50 per share, significantly wider than analysts' expectations of a $0.09 loss per share. Revenue fell 27.3% year-over-year to $1.83 billion, missing the consensus estimate of $1.91 billion.

The company's poor performance was primarily attributed to reduced refining throughputs due to unplanned downtime at its facilities, partially caused by external power supply outages during the quarter. As a result, CVR Energy swung to a net loss of $124 million, compared to a profit of $353 million in the year-ago period.

"The board's decision to suspend the quarterly dividend reflects its concerns on just how long the current margin environment will persist in light of the company's large, planned turnaround at its Coffeyville refinery in the first quarter of 2025," said CEO Dave Lamp.

Following the disappointing results and dividend suspension, several analysts downgraded CVR Energy's stock or added it to their "sell" lists. The plunge in the company's shares also dragged down the stock of its majority owner, Icahn Enterprises, which fell 4%.

The steep decline in CVR Energy's stock price highlights the challenges faced by the refining industry amid volatile market conditions and operational disruptions. Investors will closely monitor the company's ability to navigate the current margin environment and execute its planned turnaround successfully.