SUGAR LAND, Texas (AP) -- CVR Energy Inc. reported lower net income for the fourth quarter, but its adjusted results topped Wall Street estimates.
The company, controlled by billionaire Carl Icahn, recently spun off its refining business, CVR Refining LP. It still has a majority stake in that as well as CVP Partners LP, which supplies nitrogen fertilizer.
CVR said Tuesday that it earned $40.2 million, or 46 cents per share, for the quarter that ended Dec. 31, down from $65.9 million, or 75 cents per share, a year ago.
Excluding unusual items, its adjusted earnings amounted to $1.20 per share. Analysts surveyed by FactSet expected earnings of 97 cents per share.
Its net revenue jumped to $1.88 billion from $1.06 billion a year ago. Analysts expected revenue of $1.8 billion.
For the year, CVR earned $378.6 million, or $4.33 per share, up from $345.8 million, or $3.94 per share, a year earlier. Annual revenue rose to $8.57 billion from $5.03 billion.
CEO Jack Lipinski said the company's annual results were driven by attractive market conditions and strong operating performance. He noted that the company made those gains despite higher expense and lost productivity from turnarounds at two of its refineries and a fertilizer plant.
CVR Refining began trading on its own in January. CVR Energy retains an 81 percent stake in CVR Refining; both companies have headquarters in Sugar Land, Texas. Icahn Associates held 82 percent of the outstanding shares of CVR Energy as of mid-January, according to FactSet.
CVR Refining's shares rose 87 cents, or 1.5 percent, to $59.52 in afternoon trading. That is near the higher end of its 52-week trading range of $23.54 to $62.50.