By Sabela Ojea
CVR Energy logged lower sales in the fourth quarter because of reduced crack spread pricing and throughputs.
The stock was up 5.1% to $19.43 in postmarket trading. Through Tuesday's close, shares dropped 47% over the past 12 months.
The petroleum refining company posted a fourth-quarter net profit of $28 million, or 28 cents a share, compared with $91 million, or 91 cents a share, for the same period a year earlier.
Stripping out one-time items, the company's losses per share were 13 cents. Analysts polled by FactSet had forecast wider quarterly losses of 63 cents.
Sales fell 12% to $1.95 billion, ahead of the $1.85 billion forecast by Wall Street.
"We commenced our planned Coffeyville [Kansas] turnaround early, which should position us well for the improvement in cracks we expect as summer driving season begins and capacity rationalization occurs," Chief Executive Dave Lamp said.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
February 18, 2025 18:04 ET (23:04 GMT)
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