CVR Energy, Inc. (NYSE:CVI) Q1 2023 Results Conference Call May 2, 2023 1:00 PM ET

Company Participants

Richard Roberts - VP, Financial Planning and Analysis and IR

Dave Lamp - CEO

Dane Neumann - CFO

Conference Call Participants

Manav Gupta - UBS

Neil Mehta - Goldman Sachs

John Royall - JPMorgan

Matthew Blair - Tudor, Pickering, Holt

Paul Cheng - Scotiabank

Operator

Greetings, and welcome to the CVR Energy, Inc. First Quarter 2023 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Richard Roberts, Vice President of Financial Planning and Analysis and Investor Relations. Thank you, sir. You may begin.

Richard Roberts

Thank you, Christine. Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy first quarter 2023 earnings call. With me today are Dave Lamp, our Chief Executive Officer; Dane Neumann, our Chief Financial Officer; and other members of management.

Prior to discussing our 2023 first quarter results, let me remind you that this conference call may contain forward-looking statements as that term is defined under federal securities laws. For this purpose, any statements made during this call that are not statements of historical facts may be deemed to be forward-looking statements.

You are cautioned that these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

This call also includes various non-GAAP financial measures. The disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures, are included in our 2023 first quarter earnings release that we filed with the SEC and Form 10-Q for the period and will be discussed during the call.

That said, I’ll turn the call over to Dave.

Dave Lamp

Thank you, Richard. Good afternoon, everyone, and thank you for joining our earnings call.

Yesterday, we reported first quarter consolidated net income of $259 million and earnings per share of $1.94. EBITDA for the quarter $401 million. Our strong quarter results for the quarter were driven by high gas and diesel cracks in the Refining segment, and record high production volumes in the Fertilizer segment. We are pleased to announce that the Board of Directors has authorized the first quarter dividend of $0.50 per share, which will be paid on May 22nd to shareholders of record on the close of the market on May 15th. Our annualized dividend yield of approximately 7%, based on yesterday’s closing price remains best in class among independent refiners.