CVI.N Financial Performance Declines in 2024
CVI.N reported a decrease in basic and diluted earnings per share from $3.51 in 2023 to a loss of $1.24 in 2024. Adjusted earnings per share also fell from $1.89 in 2023 to a loss of $0.50 in 2024. The company experienced unfavorable revaluation of RFS liability and unrealized losses on derivatives, impacting earnings.
In terms of cash flow, net cash provided by operating activities decreased from $370 million in 2023 to $48 million in 2024 for the three months ended September 30. For the nine months ended September 30, net cash flow decreased from $984 million in 2023 to $306 million in 2024. After accounting for capital expenditures and other factors, free cash flow was $13 million in 2024, down from $318 million in 2023 for the same period.
The Petroleum Segment reported a net loss of $110 million in 2024 compared to a net income of $460 million in 2023 for the three months ended September 30. Petroleum EBITDA dropped from $484 million in 2023 to a negative $75 million in 2024. Adjusted EBITDA also fell from $281 million in 2023 to $24 million in 2024.
For the Nitrogen Fertilizer Segment, net income increased slightly from $1 million in 2023 to $4 million in 2024 for the three months ended September 30. However, for the nine months ended September 30, net income decreased from $162 million in 2023 to $43 million in 2024. EBITDA for the segment increased from $32 million in 2023 to $36 million in 2024 for the three months ended September 30.
Overall, CVI.N faced significant financial challenges in 2024, with decreased earnings, cash flow, and profitability across its segments compared to 2023. The unfavorable market conditions and operational challenges contributed to the company's financial performance.
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