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PBF Energy (PBF) Beats Earnings & Revenue Estimates in Q2
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PBF Energy Inc. (PBF - Free Report) posted second-quarter 2018 profit of $1.38 a share, beating the Zacks Consensus Estimate of $1.35. The bottom line also compared favorably with the year-ago quarter loss of 6 cents.
Total revenues grew 48.4% to $7,444.1 million from $5,017.2 million in the prior-year quarter. The top line surpassed the Zacks Consensus Estimate of $5,728 million as well.
Higher gross refining margin per barrel of throughput primarily led to the strong second-quarter 2018 results.
Q2 Segmental Performance
Operating income at the Refining segment was $446.5 million against a loss of $101.3 million in the year-ago quarter, courtesy of higher crude oil and feedstocks throughput volumes.
However, the company generated profit of $34.9 million from the Logistics segment, marginally below the prior-year quarter’s $35 million.
Throughput Volumes
In the quarter under review, crude oil and feedstocks throughput volumes were 866.6 thousand barrels per day, up from 769.2 in the year-ago quarter. The figure also surpassed the Zacks Consensus Estimate of 858 thousand barrels a day.
The East Coast accounted for approximately 41.5% of the total oil and feedstocks throughput volume. The Mid-Continent, Gulf Coast and West Coast regions contributed 17.6%, 21.8% and 19.1%, respectively.
Throughput Margins
Company-wide gross refining margin per barrel of throughput — excluding special items — was recorded at $9.77, beating the Zacks Consensus Estimate of $9.62 and improving from the year-earlier quarter’s $7.17.
Refining margin per barrel of throughput was $7.17 in the East Coast, up from $4.98 in the year-earlier quarter. The metric was $12.63 per barrel in the Mid-Continent, higher than $7.90 a year ago. Throughput margin realized was $7.92 per barrel in the Gulf Coast, up from $7.76 in the prior-year quarter. The metric was $14.88 per barrel in the West Coast, up from $12.18 in the prior-year quarter.
Refining operating expense per barrel of throughput was $5.11, lower than $5.69 in the year-ago quarter.
Capital Expenditure & Balance Sheet
Through the second quarter, the company spent $210.9 million capital on refining operations and $59.6 million for logistics businesses. At the end of the quarter, the company had cash and cash equivalents of $478.3 million along with total debt of $2,218.5 million, with a debt-to-capitalization ratio of 41%.
Guidance
PBF Energy projects total daily throughput volumes for third-quarter 2018 from the East Coast in the range of 340,000-360,000 barrels.
Through 2018, in the East Coast, the company anticipates total daily throughput volumes between 340,000 barrels and 360,000 barrels.
PBF Energy carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space are Northern Oil and Gas, Inc. (NOG - Free Report) , McDermott International, Inc. and Murphy Oil Corp. (MUR - Free Report) . While Murphy Oil carries a Zacks Rank #2 (Buy), McDermott and Northern Oil sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Northern Oil beat the Zacks Consensus Estimate in three of the prior four quarters, the average positive earnings surprise being 160.4%.
McDermott’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average positive surprise being 101.7%.
Murphy Oil’s bottom line surpassed the consensus mark in each of the last four quarters, the average positive surprise being 102.5%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
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PBF Energy (PBF) Beats Earnings & Revenue Estimates in Q2
PBF Energy Inc. (PBF - Free Report) posted second-quarter 2018 profit of $1.38 a share, beating the Zacks Consensus Estimate of $1.35. The bottom line also compared favorably with the year-ago quarter loss of 6 cents.
Total revenues grew 48.4% to $7,444.1 million from $5,017.2 million in the prior-year quarter. The top line surpassed the Zacks Consensus Estimate of $5,728 million as well.
Higher gross refining margin per barrel of throughput primarily led to the strong second-quarter 2018 results.
Q2 Segmental Performance
Operating income at the Refining segment was $446.5 million against a loss of $101.3 million in the year-ago quarter, courtesy of higher crude oil and feedstocks throughput volumes.
However, the company generated profit of $34.9 million from the Logistics segment, marginally below the prior-year quarter’s $35 million.
Throughput Volumes
In the quarter under review, crude oil and feedstocks throughput volumes were 866.6 thousand barrels per day, up from 769.2 in the year-ago quarter. The figure also surpassed the Zacks Consensus Estimate of 858 thousand barrels a day.
The East Coast accounted for approximately 41.5% of the total oil and feedstocks throughput volume. The Mid-Continent, Gulf Coast and West Coast regions contributed 17.6%, 21.8% and 19.1%, respectively.
Throughput Margins
Company-wide gross refining margin per barrel of throughput — excluding special items — was recorded at $9.77, beating the Zacks Consensus Estimate of $9.62 and improving from the year-earlier quarter’s $7.17.
Refining margin per barrel of throughput was $7.17 in the East Coast, up from $4.98 in the year-earlier quarter. The metric was $12.63 per barrel in the Mid-Continent, higher than $7.90 a year ago. Throughput margin realized was $7.92 per barrel in the Gulf Coast, up from $7.76 in the prior-year quarter. The metric was $14.88 per barrel in the West Coast, up from $12.18 in the prior-year quarter.
Refining operating expense per barrel of throughput was $5.11, lower than $5.69 in the year-ago quarter.
Capital Expenditure & Balance Sheet
Through the second quarter, the company spent $210.9 million capital on refining operations and $59.6 million for logistics businesses. At the end of the quarter, the company had cash and cash equivalents of $478.3 million along with total debt of $2,218.5 million, with a debt-to-capitalization ratio of 41%.
Guidance
PBF Energy projects total daily throughput volumes for third-quarter 2018 from the East Coast in the range of 340,000-360,000 barrels.
Through 2018, in the East Coast, the company anticipates total daily throughput volumes between 340,000 barrels and 360,000 barrels.
PBF Energy Inc. Price, Consensus and EPS Surprise
PBF Energy Inc. Price, Consensus and EPS Surprise | PBF Energy Inc. Quote
Zacks Rank & Stocks to Consider
PBF Energy carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space are Northern Oil and Gas, Inc. (NOG - Free Report) , McDermott International, Inc. and Murphy Oil Corp. (MUR - Free Report) . While Murphy Oil carries a Zacks Rank #2 (Buy), McDermott and Northern Oil sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Northern Oil beat the Zacks Consensus Estimate in three of the prior four quarters, the average positive earnings surprise being 160.4%.
McDermott’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average positive surprise being 101.7%.
Murphy Oil’s bottom line surpassed the consensus mark in each of the last four quarters, the average positive surprise being 102.5%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>