CVR Energy profit plummets, shares sink

|About: CVR Energy, Inc. (CVI)|By:, SA News Editor

CVR Energy (CVI -7.5%) is sharply lower after reporting a 79% decline in Q3 earnings, impacted by unprecedented downtime related to the Fluid Catalytic Cracking Unit outage at CVR Refining's (CVRR -11.8%) Coffeyville refinery (CVRR Q3 earnings).

Also, crude differentials tightened in late August and crack spreads and product basis weakened during the quarter, further impacting results.

Net income attributable to CVI stockholders was $44M, or $0.51/share, vs. $209M, or $2.41/share, last year.