Delek US Crushes Q2 Revenue Estimates, Guides for Strong Second Half
DK has more than doubled off its 52-week low of $19.81.
Summary
Delek US reported Q2 revenue of $4.09B, smashing the $3.61B consensus, with adjusted EPS of $5.48 and adjusted EBITDA of $638.7M. Higher refining margins and improved operations drove the beat. The company bought back $20M in stock and refinanced debt, extending maturities and cutting interest costs. Management expects no further refinery turnarounds this year and reaffirmed Delek Logistics' annual EBITDA guidance of $520-560M. This follows a Q1 net loss and a July refinery malfunction, making the strong quarter and upbeat outlook a sharp reversal. The stock, already near its 52-week high, may see further upside as the market digests the magnitude of the beat and the clear guidance.
At the time of this announcement, DK was trading at $67.20 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $19.81 to $68.93. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.