CVR Refining, LP (CVRR) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $67 million, or $ 0.45 a share in the quarter, against a net loss of $68 million, or $0.46 a share in the last year period. Revenue during the quarter surged 70.68 percent to $1,423.50 million from $834 million in the previous year period. Gross margin for the quarter period stood at positive 8.44 percent as compared to a negative 0.72 percent for the previous year period. Operating margin for the quarter period stood at positive 4.64 percent as compared to a negative 6.71 percent for the previous year period.
Operating income for the quarter was $66 million, compared with an operating loss of $56 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $114.50 million compared with $35.10 million in the prior year period. At the same time, adjusted EBITDA margin improved 383 basis points in the quarter to 8.04 percent from 4.21 percent in the last year period.
“CVR Refining’s Coffeyville, Kansas, and Wynnewood, Oklahoma, refineries performed exceptionally well during the 2017 first quarter and exceeded the range of our outlook by posting a combined crude throughput of 214,369 barrels per day (bpd), a quarterly record for the company,” said Jack Lipinski, chief executive officer.
Operating cash flow improves significantly
CVR Refining, LP has generated cash of $116.10 million from operating activities during the quarter, up 3,770 percent or $113.10 million, when compared with the last year period. The company has spent $21 million cash to meet investing activities during the quarter as against cash outgo of $44 million in the last year period.
Cash flow from financing activities was unchanged at negative $0.40 million for the quarter, when compared with the last year.
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