Shares of PBF Vitality Inc. PBF declined 1.6% because it reported lower-than-expected third-quarter 2024 earnings on Oct. 31.
The corporate reported a third-quarter 2024 adjusted lack of $1.50 per share, wider than the Zacks Consensus Estimate of $1.40. The underside line additionally in contrast unfavorably with the year-ago quarter’s reported earnings of $6.61.
Whole quarterly revenues declined to $8.38 billion from $10.73 billion within the prior-year quarter. Nonetheless, the highest line beat the Zacks Consensus Estimate of $8.12 billion.
The weak quarterly earnings have been primarily as a consequence of decrease throughput volumes and a fall in refining margins. Nonetheless, lowered prices and bills partially offset the adverse.
PBF Vitality Inc. Worth, Consensus and EPS Shock
PBF Energy Inc. price-consensus-eps-surprise-chart | PBF Vitality Inc. Quote
Dividend Hike
Together with the third-quarter earnings, the refining participant introduced a ten% enhance in its quarterly dividend. The brand new dividend of 27.5 cents will doubtless be paid on Nov. 27 to its shareholders of file on Nov. 13.
Segmental Efficiency
PBF Vitality reported an working lack of $341.2 million within the Refining phase towards an working earnings of $1175.7 million reported a 12 months in the past. The determine additionally lagged our working earnings estimate of $374.8 million.
The corporate generated a revenue of $51.3 million from the Logistics phase, indicating a rise from the prior-year quarter’s reported stage of $49.6 million. Our estimate for a similar was pinned at $50.2 million.
Throughput Evaluation
Volumes
Within the quarter beneath evaluation, crude oil and feedstock throughput volumes totaled 935.6 thousand barrels per day (bpd), decrease than the year-ago determine of 939.7 thousand bpd. The determine surpassed our estimate of 926.8 bpd.
The East Coast, Mid-Continent, Gulf Coast and West Coast areas accounted for 33%, 17%, 18% and 32%, respectively, of the entire oil and feedstock throughput quantity.
Margins
The corporate-wide gross refining margin per barrel of throughput, excluding particular objects, was $6.79, decrease than the year-earlier determine of $22.24.
The gross refining margin per barrel of throughput was $4.31 for the East Coast, down from $17.51 within the year-ago quarter. The realized refining margin was $6.84 per barrel for the Gulf Coast, down from $18.03 a 12 months in the past. The metric was $9.83 and $7.65 per barrel within the Mid-Continent and West Coast, respectively, in contrast with the figures of $17.46 and $32.85 a 12 months in the past.
Prices & Bills
Whole prices and bills within the reported quarter have been $8.8 billion, down from $9.7 billion within the year-ago interval.
Price of gross sales, together with working bills, price of merchandise and others, and depreciation and amortization bills, amounted to $8.67 billion, decrease than $9.50 billion reported a 12 months in the past.
Capital Expenditure & Steadiness Sheet
PBF Vitality spent $150.9 million in capital on refining operations and $0.9 million on logistics companies.
On the finish of the third quarter, it had money and money equivalents of $0.98 billion. As of Sept. 30, PBF had a complete debt of $1.25 billion, leading to a complete debt-to-capitalization of 17%.
Outlook
For the fourth quarter, PBF anticipates whole throughput volumes to be within the vary of 840,000-900,000 barrels per day. It expects full-year 2024 refining capital expenditures to be within the $850 million vary.
PBF’s Zacks Rank and Key Refining Gamers
At the moment, PBF carries a Zacks Rank #5 (Sturdy Promote).
You’ll be able to see the complete list of today’s Zacks #1 Rank stocks here.
Another refining corporations that additionally reported their respective earnings are Marathon Petroleum Company MPC, Valero Vitality Company VLO and Phillips 66 PSX.
Whereas each Marathon Petroleum and Philips 66 topped the Q3 earnings estimate, Valero missed consensus estimate for earnings as a consequence of decrease throughput volumes.
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