In this May 14, 2012 photo, shoppers walk by the GAP store at a shopping mall in Peabody, Mass. Gap Inc. announced Thursday, Nov. 15, 2012, it is raising its outlook for the year after its third-quarter net income rose 60 percent from a year ago. (AP Photo/Elise Amendola, File)
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In this May 14, 2012 photo, shoppers walk by the GAP store at a shopping mall in Peabody, Mass. Gap Inc. announced Thursday, Nov. 15, 2012, it is raising its outlook for the year after its third-quarter net income rose 60 percent from a year ago. (AP Photo/Elise Amendola, File)
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FILE - In a Tuesday, Aug. 14, 2012, file photo, aperson walks toward a Home Depot in Nashville, Tenn. Home Depot’s fiscal fourth-quarter net income surged 32 percent, the home improvement retailer said Tuesday Feb. 26, 2013. (AP Photo/Mark Humphrey, File)
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FILE - In a Nov. 14, 2011 file photo customers enter and exit a Lowe's store in Saugus, Mass. Home improvement retailer Lowe’s Cos. said Monday, Feb. 25, 2013, cleanup efforts after Superstorm Sandy and its new pricing strategy helped its fourth-quarter net income surpass expectations. (AP Photo/Michael Dwyer, file)
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In this Thursday, Dec. 13, 2012 photo, amazon shipments are packaged in Koblenz, Germany. Amazon’s fourth-quarter net income fell 45 percent, as sharply higher revenue failed to keep pace with increased spending on order fulfillment and digital content, a trend that’s become the norm for the world’s largest online retailer. (AP Photo/dapd, Harald Tittel)
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FILE - In this July 27, 2007, file photo, signs for American Express, Master Card and Visa credit cards are shown on a New York store's door. American Express says its net income fell 47 percent in the fourth quarter of 2013, as the credit card issuer racked up hefty charges related to restructuring costs and other one-time expenses. (AP Photo/Mark Lennihan, File)
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FILE - In this Monday, Dec. 10, 2012, file photo, workers sort packages at a FedEx sorting facility in Kansas City, Mo. FedEx is more pessimistic about the U.S. economy than it was three months ago, but more assured of its own ability to grow earnings. The world's second-largest package delivery company lowered its economic forecast for the U.S., saying that there remains a lot of uncertainty for the company and the country. Its forecast for the current quarter, which incorporates the critical holiday season, falls short of Wall Street expectations. (AP Photo/Charlie Riedel, File)
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FILE - In this Monday, Dec. 10, 2012, file photo, workers sort packages at a FedEx sorting facility in Kansas City, Mo. FedEx is more pessimistic about the U.S. economy than it was three months ago, but more assured of its own ability to grow earnings. The world's second-largest package delivery company lowered its economic forecast for the U.S., saying that there remains a lot of uncertainty for the company and the country. Its forecast for the current quarter, which incorporates the critical holiday season, falls short of Wall Street expectations. (AP Photo/Charlie Riedel)
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FILE - In this Tuesday, Dec. 11, 2012 file photo, FedEx workers unload packages from a cargo plane at the Oakland Regional Sort Facility in Oakland, Calif. FedEx is more pessimistic about the U.S. economy than it was three months ago, but more assured of its own ability to grow earnings. The world's second-largest package delivery company lowered its economic forecast for the U.S., saying that there remains a lot of uncertainty for the company and the country. Its forecast for the current quarter, which incorporates the critical holiday season, falls short of Wall Street expectations. (AP Photo/Ben Margot, File)
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FILE - In this Monday, July 16, 2012 file photo, Dawn, a Procter & Gamble product, is displayed at Target in Durham, N.C. Procter & Gamble’s cost-cutting plan helped its fiscal first-quarter results beat Wall Street expectations on Thursday, Oct. 25, 2012. That comes as a much-needed boost for CEO Bob McDonald, who has been criticized for not doing enough to turn around the world’s largest consumer products company. (AP Photo/Gerry Broome)
CVR Energy 4Q net falls, adjusted results top view
SUGAR LAND, Texas (
AP) —
CVR Energy Inc. reported lower net income for the fourth quarter, but its adjusted results topped Wall Street estimates.
The company, controlled by billionaire Carl Icahn, recently spun off its refining business, CVR Refining LP. It still has a majority stake in that as well as CVP Partners LP, which supplies nitrogen fertilizer.
CVR said Tuesday that it earned $40.2 million, or 46 cents per share, for the quarter that ended Dec. 31, down from $65.9 million, or 75 cents per share, a year ago.
Excluding unusual items, its adjusted earnings amounted to $1.20 per share. Analysts surveyed by FactSet expected earnings of 97 cents per share.
Its net revenue jumped to $1.88 billion from $1.06 billion a year ago. Analysts expected revenue of $1.8 billion.
For the year, CVR earned $378.6 million, or $4.33 per share, up from $345.8 million, or $3.94 per share, a year earlier. Annual revenue rose to $8.57 billion from $5.03 billion.
CEO Jack Lipinski said the company's annual results were driven by attractive market conditions and strong operating performance. He noted that the company made those gains despite higher expense and lost productivity from turnarounds at two of its refineries and a fertilizer plant.
CVR Refining began trading on its own in January. CVR Energy retains an 81 percent stake in CVR Refining; both companies have headquarters in Sugar Land, Texas. Icahn Associates held 82 percent of the outstanding shares of CVR Energy as of mid-January, according to FactSet.
CVR Refining's shares rose 87 cents, or 1.5 percent, to $59.52 in afternoon trading. That is near the higher end of its 52-week trading range of $23.54 to $62.50.
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