CVI Energy, CVR Refining surge following big Q1 results

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

CVI Energy (CVI +11.3%) and CVR Refining (CVRR +7.2%) are both rallying after posting strong Q1 earnings beats and big Y/Y revenue increases.

CVI's Q1 earnings of $0.27/share came in far ahead of the prior year's $0.10 on 66% higher revenues of $1.51B; both figures easily exceeded analyst consensus estimates.

CVI says it enjoyed strong operational performance with high on-stream rates at both its Coffeyville, Kan., and East Dubuque, Ill., fertilizer facilities.

The petroleum business, which is operated by CVRR and includes the Coffeyville and Wynnewood refineries, reported Q1 EPS of $0.45 on net sales of $1.42B, vs. an operating loss on net sales of $834M in the year-ago quarter, routing analyst expectations.

CVRR's Q1 throughputs of crude oil and other feedstocks or blendstocks averaged 228K bbl/day, up from 196K bbl/day in the same quarter last year.