UGAR LAND, Texas (March 12, 2013) – CVR Energy, Inc. (NYSE: CVI) today reported record full year 2012 net income of $378.6 million, or $4.33 per fully diluted share, on net sales of $8,567.3 million. Fourth quarter 2012 net income was $40.2 million, or 46 cents per fully diluted share, on net sales of $1,880.8 million.
The 2012 results compare to net income for the full year 2011 of $345.8 million, or $3.94 per fully diluted share, on net sales of $5,029.1 million, and fourth quarter 2011 net income of $65.9 million, or 75 cents per fully diluted share, on net sales of $1,062.2 million.
Fourth quarter 2012 adjusted net income, a non-GAAP financial measure, was $103.8 million, or $1.20 per diluted share, compared to $29.5 million, or 34 cents per diluted share, for the fourth quarter of 2011. Major items impacting the 2012 fourth quarter adjusted net income, all net of taxes, were shared-based compensation of $6.2 million, an unfavorable impact from first-in, first-out (FIFO) accounting of $7.9 million, an unrealized gain on derivatives of $29.8 million, a loss on extinguishment of debt of $22.8 million, and a major scheduled turnaround expense of $56.1 million.
Operating income for the fourth quarter 2012 was $124.9 million, up from $26.9 million in the same quarter of 2011. Full year 2012 operating income was $1,034.9 million, up from $566.6 million for the full year 2011.
“CVR Energy’s exceptional financial results in 2012 were driven by strong operating performance and attractive market conditions throughout the year. These results were achieved despite the expense and lost production from our planned major turnarounds at the refinery in Wynnewood and fertilizer plant in Coffeyville, along with a partial turnaround at the Coffeyville refinery,” said Jack Lipinski, CVR Energy’s chief executive officer. “Our fertilizer segment also had a solid year with CVR Partners generating 2012 full year distributions of $1.81 per common unit.