CVR Energy (CVI) Q4 2023 earnings summary

Executive summary

• FY 2023 net income attributable to stockholders was $769 million and EBITDA was $1.4 billion; petroleum operations delivered record EBITDA amid high utilization and improved capture rates.

• Q4 2023 net income attributable to stockholders was $91 million, or $0.91 per diluted share; adjusted diluted EPS was $0.65.

Financial highlights

• FY 2023 net sales were $9.247 billion vs. $10.896 billion in 2022; net income attributable to stockholders was $769 million vs. $463 million.

• FY 2023 diluted EPS was $7.65 vs. $4.60; adjusted diluted EPS was $5.64 vs. $6.04.

• FY 2023 EBITDA was $1.435 billion vs. $1.174 billion; adjusted EBITDA was $1.164 billion vs. $1.369 billion.

• Q4 2023 net sales were $2.202 billion vs. $2.679 billion; EBITDA was $204 million vs. $313 million and adjusted EBITDA was $170 million vs. $388 million.

Outlook and guidance

• Q1 2024 petroleum throughput guidance: 190,000–205,000 bpd; direct operating expenses $100–$110 million; turnaround costs $35–$40 million.

• Q1 2024 renewables guidance: 6–10 million gallons throughput and $8–$12 million direct operating expenses; nitrogen ammonia utilization guidance 86%–91% consolidated.

• Q1 2024 nitrogen direct operating expenses are guided at $52–$57 million; total capital expenditures are guided at $60–$75 million.