Delek US Posts $1.13B Third-Quarter Net Income
DK has more than doubled off its 52-week low of $25.85.
Summary
Delek US reported third-quarter net income of $1.13 billion, or $18.22 per share, with adjusted EPS of $13.55 and revenue of $4.39 billion, a swing well above the $169.5 million earned in Q2. Refining EBITDA rose 78% to $1,242.1 million. That Q2 figure came as refining margins exploded on higher crack spreads and the EPA granted a full small refinery exemption for Krotz Springs. The Q3 number is roughly six times the prior quarter's profit, so the refining tailwind appears to have strengthened rather than faded. The company also raised its quarterly dividend about 18% to $0.30 per share on October 29, payable November 18, and closed a $460 million 0% convertible notes offering in September. Insiders have been steady sellers through August, including the CEO and a director, which is worth keeping in mind against this profit print.
At the time of this announcement, DK was trading at $61.68 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.8B. The 52-week trading range was $25.85 to $82.27. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.