CVR Energy, Inc. (CVI) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $22.20 million, or $ 0.26 a share in the quarter, against a net loss of $16.20 million, or $0.19 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $23.10 million, or $0.27 a share compared with $8.40 million or $0.10 a share, a year ago. Revenue during the quarter surged 66.44 percent to $1,507.10 million from $905.50 million in the previous year period. Gross margin for the quarter period stood at positive 6.58 percent as compared to a negative 1.17 percent for the previous year period. Operating margin for the quarter period stood at positive 4.49 percent as compared to a negative 4.41 percent for the previous year period.
Operating income for the quarter was $67.60 million, compared with an operating loss of $39.90 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $80.40 million compared with $36.20 million in the prior year period. At the same time, adjusted EBITDA margin improved 134 basis points in the quarter to 5.33 percent from 4 percent in the last year period.
"For the 2017 first quarter, CVR Partners reported strong operational performance with high on-stream rates at both its Coffeyville, Kansas, and East Dubuque, Illinois, fertilizer facilities," said Jack Lipinski, CVR Energy’s chief executive officer.
Operating cash flow improves significantly CVR Energy, Inc. has generated cash of $137.20 million from operating activities during the quarter, up 535.19 percent or $115.60 million, when compared with the last year period. The company has spent $25.60 million cash to meet investing activities during the quarter as against cash outgo of $51.70 million in the last year period.
The company has spent $43.80 million cash to carry out financing activities during the quarter as against cash outgo of $53.20 million in the last year period.
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