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CVR Energy net income $173.9 million

Staff writer |
CVR Energy, Inc. announced full year 2014 net income of $173.9 million, or $2 per diluted share, on net sales of $9,109.5 million, compared to net income for full year 2013 of $370.7 million, or $4.27 per diluted share, on net sales of $8,985.8 million.

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Full year 2014 adjusted EBITDA, a non-GAAP financial measure, was $473.5 million compared to full year 2013 adjusted EBITDA of $659.7 million.

For the fourth quarter of 2014, the company reported a net loss of $44.4 million, or a loss of 51 cents per diluted share, on net sales of $1,841.8 million, compared to a fourth quarter 2013 net loss of $21.7 million, or a loss of 25 cents per diluted share, on net sales of $2,436.0 million.

Net income for the 2014 fourth quarter was negatively affected by an unfavorable first-in, first-out (FIFO) accounting impact of $154.6 million. Fourth quarter 2014 adjusted EBITDA was $81.7 million compared to adjusted EBITDA of $110.0 million for the same period a year earlier.

CVR Energy also announced a fourth quarter 2014 cash dividend of 50 cents per share. The dividend, as declared by CVR Energy's Board of Directors, will be paid on March 9, 2015, to stockholders of record on March 2, 2015.

CVR Refining announced a 2014 fourth quarter cash distribution of 37 cents per common unit, and CVR Partners announced a 2014 fourth quarter cash distribution of 41 cents per common unit.


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