CVR Energy Q2 adjusted EPS misses estimates
CVI•Outlook
- Company expects Q3 petroleum throughput of 205,000-220,000 bpd and crude utilization of 95%-100%
- Company sees Q3 ammonia utilization rate at 75%-80% due to planned turnaround at East Dubuque
- Company forecasts Q3 capital expenditures of $85 mln to $105 mln
Overview
- US petroleum refiner and fertilizer maker's Q2 revenue rose, beating analyst expectations
- Adjusted EPS for Q2 missed analyst expectations
- Company declared Q2 dividend of 10 cents per share
Result drivers
- High utilization - Co reported crude utilization of 98% and ammonia plant utilization of 99% in Q2, supporting operating results
- Tight markets - Co said ongoing global conflicts have created tightness across energy and fertilizer markets, benefiting its assets
- Refining margin improvement - Petroleum segment Q2 refining margin rose to $9.94 per barrel from $2.21 a year ago, reflecting improved market conditions
- Higher fertilizer prices - Ammonia and UAN pricing at gate increased year-over-year, supporting fertilizer segment earnings
