Shares of CVR Energy Inc. (CVI) plunged over 25% in pre-market trading on Monday, following the company's disappointing third-quarter 2024 financial results and the suspension of its quarterly dividend.
The refining and marketing company reported an adjusted loss of $0.50 per share for the quarter ended September 30, missing analysts' expectations of a $0.09 loss. Revenue fell 27.3% year-over-year to $1.83 billion, also falling short of the consensus estimate of $1.91 billion.
CVR Energy's refining business was significantly impacted during the quarter due to reduced throughputs caused by unplanned downtime at its facilities, partially attributable to external power supply outages. As a result, the company swung to a net loss of $124 million, compared to a profit of $353 million in the year-ago period.
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