Adjusted for the unrealized gain from the company’s cash flow swap, CVR Energy reported a net loss of $40.8 million for the third quarter of 2007, compared to adjusted net income of $21.7 million for the same quarter in 2006.
The company said that the adjusted results reflect lost revenues, lost profits and increased costs incurred due to a record flood that shut down and damaged the company’s refinery and nitrogen fertilizer operations in Coffeyville, Kansas in the summer.
The net loss for the first nine months of the year, ended September 30, 2007, was $40.9 million, compared to a net profit of $170.8 million for the same period in 2006.
For the first nine months of 2007, adjusted net income was $18.2 million, compared to adjusted net income of $122.5 million for the same period in 2006. The results for the first nine months of 2007 reflect the effects of a flood and a period of several months in the spring during which the refinery was shut down for a turnaround or periodic maintenance.
Jack Lipinski, CEO, said: Our refinery and nitrogen fertilizer facilities in Coffeyville, Kansas, recovered rapidly from the devastating floods which swept across the area beginning June 30, and in fact, our refinery is now operating significantly above pre-flood rates.
