CVI - CVR Energy Q1 results - generates 11% of market cap in free cash flow during Q1

CVR Energy (CVI) released Q1 earnings after the bell Monday, missing street EPS expectations, but generating very strong free cash flow and reducing debt:  Earnings - the Company generated 2c in adjusted earnings per share during Q1, versus Street expectations for 4c. Cash flow - CVR (CVI) generated $281m in free cash flow during the quarter, ~11% of the current market cap. Capital allocation - management announced a 40c dividend for Q1 (5.5% yield) and reduced net debt by $141m. Ahead of Q1 earnings, investors were focused on capital allocation plans in the "elevated commodity price scenario." In the case of CVR Energy (CVI), the controlling shareholder is likely to ensure shareholder-friendly capital allocation policies. Given robust free cash flow and debt reduction, the Company is laying the groundwork for additional special dividends in coming quarters.

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CVR Energy Q1 results - generates 11% of market cap in free cash flow during Q1