PBF Energy Posts $12.54 Third-Quarter EPS
PBF has more than doubled off its 52-week low of $25.62.
Summary
PBF Energy reported third-quarter EPS of $12.54 and net income of $1.54B, with revenue of USD 12,132.8 million versus an IBES estimate of USD 10,500 million, a strong print for a refiner that earned $915 million in Q2 as margins soared and Martinez ran at full rates. The company declared a dividend of $0.325 per share. It has been monetizing assets and reshaping its balance sheet, closing the Air Products hydrogen deal and issuing $550 million of 0% exchangeable notes due 2032 at an initial exchange price of $96.80 per share. Insiders and the Slim family have also been heavy sellers into strength, including $24.8 million sold near the 52-week high in September. The EPS figure is the number traders will anchor on, now set against revenue that topped the consensus estimate.
At the time of this announcement, PBF was trading at $74.55 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $8.7B. The 52-week trading range was $25.62 to $92.46. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.