CVR Refining Q2 Profit Up

(RTTNews) - CVR Refining, LP (CVRR) Thursday reported an increase in net income for the second quarter, reflecting lower expenses, and slightly higher gain on derivatives.

Net income for the quarter was $339.2 million or $2.30 per share, compared with $259.5 million during the same quarter last year.

For the three-month period, the company reported net sales of $2.13 billion, a 4.1 percent decrease from $2.22 billion reported during the corresponding quarter last year.

Gain on derivatives was $120.5 million, compared with $38.8 million last year. Interest expenses and other finance costs decreased to $10.6 million from $19 million in the previous year. Selling, general and administrative expenses decreased 22.6 percent to $20.2 million this quarter.

CVR Refining also updated its full year distribution outlook to $4.10 to $4.80 per common unit.