CVR Energy, Inc (CVI) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $7.10 million, or $ 0.08 a share in the quarter, against a net loss of $45 million, or $0.52 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $4.40 million, or $0.05 a share compared with a net loss of $4.30 million, or $0.05 a share in the last year period.

Revenue during the quarter surged 33.92 percent to $1,353.40 million from $1,010.60 million in the previous year period. Gross margin for the quarter period stood at positive 3.16 percent as compared to a negative 8.72 percent for the previous year period. Operating margin for the quarter period stood at positive 0.95 percent as compared to a negative 10.95 percent for the previous year period.

Operating income for the quarter was $12.90 million, compared with an operating loss of $110.70 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $22.80 million compared with $35.60 million in the prior year period. At the same time, adjusted EBITDA margin contracted 184 basis points in the quarter to 1.68 percent from 3.52 percent in the last year period.

"CVR Refining’s Coffeyville and Wynnewood refineries performed well during the 2016 fourth quarter, posting a combined crude throughput of 207,422 barrels per day (bpd)," said Jack Lipinski, CVR Energy’s chief executive officer. "CVR Partners’ Coffeyville and East Dubuque facilities also recorded high on-stream rates for the quarter."

The company has spent $201.40 million cash to meet investing activities during the year as against cash outgo of $150.60 million in the last year.

The company has spent $95.40 million cash to carry out financing activities during the year as against cash outgo of $374.80 million in the last year period.