CVR Energy on Thursday reported that higher profit margins and federal tax reform substantially boosted its earnings last year.
The Sugar Land refiner and petrochemicals maker reported $234.4 million in annual profits, up from $24.7 million in 2016. Annual revenue increased to nearly 6 billion, up from $4.8 billion.
In the fourth quarter alone, profits jumped to $200.5 million, up from $7.1 million during the same period a year earlier. Revenue reached $1.6 billion, up from $1.35 billion.
Much of the gain stemmed from the federal tax code overhaul enacted in January that reduced the corporate income tax rate. CVR said it recorded a $200.5 million tax benefit as a result of the change. [Read More]