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NEW YORK - CVR Energy, Inc. (NYSE:CVI) reported third-quarter adjusted earnings that nearly doubled analyst expectations, sending shares up 4.6% as the refiner benefited from higher crack spreads and strong utilization rates.
The Sugar Land, Texas-based company posted adjusted earnings of $0.40 per share for the third quarter, significantly exceeding the analyst consensus of $0.21. Revenue reached $1.94 billion, surpassing the $1.87 billion estimate and showing solid performance across its refining operations.
CVR Energy’s results were bolstered by a 97% crude utilization rate and improved capture rates. The company also recognized a $488 million benefit from an EPA decision in August that removed years of renewable fuel obligation liabilities from its balance sheet.
"During the third quarter of 2025 we recognized a $488 million benefit from the August 2025 decision of the EPA in clearing years of undue RIN strain on our balance sheet, in addition to 97% crude utilization, higher cracks and an increased capture rate all contributing to third quarter 2025 EBITDA of $625 million," said Dave Lamp, CVR Energy’s Chief Executive Officer.
The company’s petroleum segment reported third-quarter net income of $520 million and EBITDA of $572 million, compared to a net loss of $110 million and EBITDA loss of $75 million in the same period last year. Combined total throughput increased to approximately 216,000 barrels per day, up from 189,000 bpd YoY.
Adjusted refining margin rose to $12.87 per barrel, compared to $8.23 per barrel in the third quarter of 2024, primarily due to an increase in the Group 3 2-1-1 crack spread.
The company’s nitrogen fertilizer segment also performed well, with net income of $43 million on net sales of $164 million, compared to net income of $4 million on net sales of $125 million in the year-ago quarter.
CVR Energy announced it will not pay a cash dividend for the third quarter of 2025.
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