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CVR Energy's Operating Income for the three months ended in Mar. 2024 was $124 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2024 was $918 Mil.
Operating Margin % is calculated as Operating Income divided by its Revenue. CVR Energy's Operating Income for the three months ended in Mar. 2024 was $124 Mil. CVR Energy's Revenue for the three months ended in Mar. 2024 was $1,863 Mil. Therefore, CVR Energy's Operating Margin % for the quarter that ended in Mar. 2024 was 6.66%.
CVR Energy's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.
Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. CVR Energy's annualized ROC % for the quarter that ended in Mar. 2024 was 14.42%. CVR Energy's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 was 20.46%.
The historical data trend for CVR Energy's Operating Income can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
CVR Energy Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Operating Income | Get a 7-Day Free Trial |
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576.00 | -285.00 | 90.00 | 974.00 | 1,125.00 |
CVR Energy Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Operating Income | Get a 7-Day Free Trial |
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330.00 | 224.00 | 446.00 | 124.00 | 124.00 |
Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.
Operating Income for the trailing twelve months (TTM) ended in Mar. 2024 adds up the quarterly data reported by the company within the most recent 12 months, which was $918 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
CVR Energy (NYSE:CVI) Operating Income Explanation
1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.
CVR Energy's annualized ROC % for the quarter that ended in Mar. 2024 is calculated as:
ROC % (Q: Mar. 2024 ) | ||||||
= | NOPAT | / | Average Invested Capital | |||
= | Operating Income * ( 1 - Tax Rate % ) | / | ( (Invested Capital (Q: Dec. 2023 ) | + | Invested Capital (Q: Mar. 2024 )) | / count ) |
= | 496 * ( 1 - 15.89% ) | / | ( (3177 | + | 2609) | / 2 ) |
= | 417.1856 | / | 2893 | |||
= | 14.42 % |
where
Invested Capital | (Q: Dec. 2023 ) | |||||||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | Excess Cash | |||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | ( Cash, Cash Equivalents, Marketable Securities | - | max(0, Total Current Liabilities | - | Total Current Assets | + | Cash, Cash Equivalents, Marketable Securities | )) |
= | 4707 | - | 1033 | - | ( 581 | - | max(0, 1682 | - | 2179 | + | 581 | )) |
= | 3177 |
Invested Capital | (Q: Mar. 2024 ) | |||||||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | Excess Cash | |||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | ( Cash, Cash Equivalents, Marketable Securities | - | max(0, Total Current Liabilities | - | Total Current Assets | + | Cash, Cash Equivalents, Marketable Securities | )) |
= | 4093 | - | 972 | - | ( 644 | - | max(0, 1043 | - | 1555 | + | 644 | )) |
= | 2609 |
Note: The Operating Income data used here is four times the quarterly (Mar. 2024) data.
2. Joel Greenblatt's definition of Return on Capital:
CVR Energy's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 is calculated as:
ROC (Joel Greenblatt) % | (Q: Mar. 2024 ) | ||||||
= | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
= | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
Q: Dec. 2023 | Q: Mar. 2024 | ||||||
= | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | count ) |
= | 508 | / | ( ( (2221 + max(536, 0)) | + | (2210 + max(-109, 0)) ) | / | 2 ) |
= | 508 | / | ( ( 2757 | + | 2210 ) | / | 2 ) |
= | 508 | / | 2483.5 | ||||
= | 20.46 % |
where Working Capital is:
Working Capital | (Q: Dec. 2023 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (286 | + | 604 | + | 708) | - | (1033 | + | 16 | + | 13) |
= | 536 |
Working Capital | (Q: Mar. 2024 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (253 | + | 601 | + | 57) | - | (972 | + | 20 | + | 28) |
= | -109 |
When net working capital is negative, 0 is used.
Note: The EBIT data used here is four times the quarterly (Mar. 2024) EBIT data.
3. Operating Income is also linked to Operating Margin %:
CVR Energy's Operating Margin % for the quarter that ended in Mar. 2024 is calculated as:
Operating Margin % | = | Operating Income (Q: Mar. 2024 ) | / | Revenue (Q: Mar. 2024 ) |
= | 124 | / | 1863 | |
= | 6.66 % |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.
Be Aware
Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Thank you for viewing the detailed overview of CVR Energy's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.
Carl C Icahn | director, 10 percent owner | C/O ICAHN ENTERPRISES L.P., 16690 COLLINS AVE., PH-1, SUNNY ISLES BEACH FL 33160 |
Iep Energy Holding Llc | 10 percent owner | 16690 COLLINS AVENUE, PH-1, SUNNY ISLES BEACH FL 33160 |
Ted Papapostolou | director | 16690 COLLINS AVE., SUITE PH-1, SUNNY ISLES BEACH FL 33160 |
Wright Michael H. Jr. | officer: EVP & Chief Operating Officer | CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
Dane J. Neumann | officer: Interim CFO, VP-Fin.&Treasurer | 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
Jeffrey D. Conaway | officer: VP, CAO & Corp. Controller | 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
David Willetts | director | 16690 COLLINS AVENUE - PH-1, SUNNY ISLES BEACH FL 33160 |
Kapiljeet Dargan | director | 16690 COLLINS AVE., SUITE PH-1, SUNNY ISLES BEACH FL 33160 |
Charles Douglas Johnson | officer: EVP & Chief Commercial Officer | 2277 PLAZA DR., SUITE 500, SUGAR LAND TX 77479 |
Jaffrey Adam Firestone | director | C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
David Lynn Landreth | officer: EVP Chief Commercial Officer | 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
Patricia A. Agnello | director | C/O ICAHN ENTERPRISES L.P., 16690 COLLINS AVE., PH, SUNNY ISLES FL 33160 |
Hunter Clark Gary | director | C/O ICAHN ENTERPRISES L.P., 16690 COLLINS AVE., PH, SUNNY ISLES FL 33160 |
Melissa M Buhrig | officer: EVP, General Counsel & Sec. | C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
Matthew W. Bley | officer: CAO and Corp. Controller | 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
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