CVR Energy Swings to Q3 Adjusted Loss, Sales Down; Dividend Suspended -- Shares Fall After Hours

MT Newswires Live

Oct 29, 2024

CVR Energy (CVI) shares were down nearly 21% after reporting a Q3 adjusted loss late Monday of $0.50 per diluted share, compared with earnings of $1.89 a year earlier.

Analysts polled by Capital IQ expected a $0.08 loss.

Net sales for the quarter ended Sept. 30 fell to $1.83 billion from $2.52 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.91 billion.

The company said it will not pay a cash dividend for Q3.

"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 [Q1 2025]," Chief Executive Dave Lamp said.

Price: 18.86, Change: -4.96, Percent Change: -20.82

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