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CVR Energy (CVI) Q3 FY2023 earnings: revenue $2.5 billion, down 6.6% on the year

CVR Energy Inc. (CVI) reported revenue of $2.5 billion for Q3 FY2023, the quarter ended 30 September 2023, down 6.6% on the same quarter a year earlier. Net income was $353 million, up 279.6% on the year, and diluted earnings per share $3.51. The figures are the company's own, from the 10-Q it filed with the SEC on 31 October 2023.

Revenue$2.5 billiondown 6.6%
Net income$353 millionup 279.6%
Diluted EPS$3.51
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue2,522n/an/an/a
Cost of revenue2,037n/an/an/a
Gross profit485n/an/an/a
Gross margin19.2%n/an/a
Selling, general and administrative38.0n/an/an/a
Operating income445n/an/an/a
Operating margin17.6%n/an/a
Pre-tax income438n/an/an/a
Income tax84.0n/an/an/a
Effective tax rate19.2%n/an/a
Net income353n/an/an/a
Net margin14.0%n/an/a
Diluted EPS$3.51n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow370n/an/an/a
Capital expenditure50.0n/an/an/a
Free cash flow320n/an/an/a
Free cash flow margin12.7%n/an/a
Cash from investing-51.0n/an/an/a
Cash from financing-181n/an/an/a
Depreciation and amortisation81.0n/an/an/a
Share-based compensation15.0n/an/an/a
Buybacks0.0n/an/an/a
Dividends paid150n/an/an/a
Diluted shares, weighted100mn/an/an/a
Shares outstanding at period end101mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity957n/an/an/a
Non-controlling interest195n/an/an/a
Debt1,583n/an/an/a
Other liabilities1,686n/an/an/a
Total liabilities and equity4,421n/an/an/a
Cash and equivalents889n/an/an/a
Receivables316n/an/an/a
Inventory610n/an/an/a
Other assets2,606n/an/an/a
Total assets4,421n/an/an/a

Questions

What was CVR Energy's revenue in Q3 FY2023?

CVR Energy (CVI) reported revenue of $2.5 billion for Q3 FY2023, the quarter ended 30 September 2023, down 6.6% on the same quarter a year earlier.

How much did CVR Energy earn in Q3 FY2023?

Net income for Q3 FY2023 was $353 million, up 279.6% on the year, and diluted earnings per share $3.51.

When did CVR Energy report Q3 FY2023 results?

CVR Energy filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 31 October 2023.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,5222,2031,8631,9671,8331,9471,6461,7611,9441,8111,9802,738
Cost of revenue2,0372,0431,7021,9101,9041,8891,7371,8271,3841,8682,0832,621
Gross profit48516016157.0-71.058.0-91.0-66.0560-57.0-103117
Gross margin19%7%9%3%-4%3%-6%-4%29%-3%-5%4%
SG&A38.032.036.028.040.035.037.036.042.033.039.034.0
Operating income44512412327.0-11321.0-131-103512-96.0-14578.0
Operating margin18%6%7%1%-6%1%-8%-6%26%-5%-7%3%
Interest expensen/an/a33.027.027.028.035.037.032.035.063.0n/a
Pre-tax income43812010712.0-12828.0-154-132489-123-18956.0
Tax rate19%19%16%-217%n/a-39%n/an/a18%n/an/a18%
Net income35391.082.021.0-12428.0-123-114374-110-192-3.0
Net margin14%4%4%1%-7%1%-7%-6%19%-6%-10%-0%
Diluted EPS$3.51$0.91$0.81$0.21-$1.24$0.28-$1.22-$1.14$3.72-$1.10-$1.91-$0.03
Operating cash flow370-36.017781.048.098.0-1951761630.064.0307
Capital expenditure50.055.047.043.034.055.051.041.038.055.047.043.0
Free cash flow320-91.013038.014.043.0-246135125-55.017.0264
Buybacks0.00.0n/an/an/an/an/an/an/an/an/an/a
Dividends paid15020250.051.050.00.00.00.00.00.0n/a10.0
Shares outstanding101m101m101m101m101m101m101m101m101m101m101m101m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 31 October 2023, accession 0001376139-23-000054: the filing on EDGAR. All of CVR Energy Inc.'s filings: EDGAR company page.

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