CVR Energy Posts 4Q Profit On Derivative Gains

SUGAR LAND, Texas (AP) — Shares of CVR Energy Inc. fell sharply Wednesday after the refinery operator and fuel marketer reported its fourth-quarter results.

The stock tumbled 84 cents, or 19.7 percent, to $3.42. The stock has traded in a 52-week range of $2.15 to $28.88.

Quarterly earnings totaled $11.1 million, or 13 cents per share, compared with a loss of $24.5 million, or 28 cents per share, during the same period last year. Excluding nonrecurring items such as a $175.8 million gain on derivatives, the company posted an adjusted net loss of $60.8 million, or 70 cents per share for the quarter.

Revenue slid 39 percent to $699.7 million from $1.15 billion in the prior-year period.

For the full year, the company posted earnings of $163.9 million, or $1.90 per share, compared with a loss of $67.6 million, or 78 cents per share, during 2007. Excluding special items, adjusted net income for 2008 was $21.6 million, or 25 cents per share. Revenue rose 69 percent to $5.02 billion.

Shares of the company fell 82 cents, or 19 percent, to $3.44 in Wednesday afternoon trading.