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Trump’s Tax Reform Boosts Huge Gains For This Energy Company!!!

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]

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