AP News

CVR Refining 3Q net income falls 73 percent


NEWS: CVR Refining said Friday that its third-quarter net income fell 73 percent from a year ago, because of an unexpected shutdown at one of its refineries.

DETAILS: The Sugar Land, Texas-based oil refiner and marketer, said a major piece of equipment failed at its Coffeyville, Kan., refinery in late August and the plant was taken offline. It resumed full operations on Sept. 11.

CVR Refining had its initial public offering in January.

NUMBERS: Net income fell to $86 million in the three months ending Sept. 30, down from $318.6 million in the 2012 third quarter.

It reported earnings of 58 cents per share during the quarter. Analysts, on average, expected earnings of 43 cents per share, according to FactSet.

Revenue fell 18 percent to $1.91 billion from $2.34 billion last year. Analysts expected revenue of $1.64 billion.

STOCK: Down $2.19, or 9 percent, to close at $22.15 Friday. Its shares are down 11 percent from its IPO price of $25.


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