CVR Energy Q3 sales and adjusted EPS beat estimates on higher crack spreads

CVR Energy

Today 12:08

Overview
US petroleum refiner's Q3 sales and adjusted EPS beat analyst expectations
Company to acquire Marathon Petroleum’s St. Paul Park and Mandan refineries and marketing business
$253 mln liability removed after EPA granted full waiver for Wynnewood refinery

Outlook
Company expects Q4 2026 petroleum throughput of 210,000-225,000 bpd
Company sees Q4 2026 crude utilization at 95%-100%
Company forecasts Q4 2026 nitrogen fertilizer ammonia utilization rate of 88%-93%

Result Drivers
RECORD CRACK SPREADS - Co said record crack spreads and strong operations drove best quarterly results in its history
EPA WAIVER IMPACT - $253 mln liability removed from balance sheet after EPA granted full waiver for Wynnewood refinery
NITROGEN FERTILIZER TURNAROUND - Planned turnaround at East Dubuque facility led to downtime and lower segment results

Company press release: ID:nBwbyDwBya

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Sales
Beat
$3.28 bln
$2.29 bln (5 Analysts)
Q3 Adjusted EPS
Beat
$4
$2.43 (5 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "sell" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 4 "sell" or "strong sell"
The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."
Wall Street's median 12-month price target for CVR Energy Inc is $47.00, about 16% below its November 2 closing price of $55.92
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 32 three months ago

Reuters Recommended Reads
Nov 3 - CVR Energy to buy two Marathon refineries, marketing business for $4.2 billion
Nov 3 - Marathon beats third-quarter estimates, to sell two refineries to CVR Energy
Nov 3 - Marathon Petroleum Q3 adjusted EPS beats estimates on higher crack spreads

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)