We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
HollyFrontier Corp. reported third-quarter 2019 net income per share (excluding special items) of $1.68, beating the Zacks Consensus Estimate of $1.43. This robust performance stemmed from stronger throughput volumes.
However, the figure is 15.15% lower than the year-ago adjusted earnings of $1.98 due to weak gross margins.
Meanwhile, revenues of $4.42 billion surpassed the Zacks Consensus Estimate of $4.33 billion but declined 7.3% from the third-quarter 2018 sales of $4.77 billion.
Segmental Information
Refining: Adjusted EBITDA — the main contributor to HollyFrontier’s earnings — was $424.6 million. This reflected a 16.28% decrease from the year-ago quarterly income of $507.2 million due to lower product margins, which was down 11% to $17.23 per barrel.
Total refined product sales volumes averaged 485,500 barrels per day (bpd), up 8.4% from 447,770 bpd in the year-ago quarter. Moreover, throughput increased from 470,560 bpd in the year-ago quarter to 506,800 bpd. The same even surpassed the Zacks Consensus Estimate of 484,000 bpd. Meanwhile, capacity utilization was 104.2%, up from 96.7% in third-quarter 2018.
Lubricants and Specialty Products: The segmental EBITDA totalled $38 million, down 10.3% from $42.4 million reported in the year-ago quarter, thanks to the impact of macroeconomic issues on end markets. Product sales averaged 36,160 bpd, increasing from the prior-year level of 31,970 bpd. Further, throughput rose 8.3% year over year to 23,190 bpd in the reported quarter.
HEP: This unit includes HollyFrontier’s 57% interest in Holly Energy Partners L.P. (HEP), a publicly-traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets. Segmental EBITDA was $123.1 million, up 41.65% from $86.9 million in third-quarter 2018. Earnings were boosted by strong revenues from its crude oil pipeline systems located in Wyoming and Utah.
HollyFrontier Corporation Price, Consensus and EPS Surprise
U.S. refiner HollyFrontier’s total capital expenditure was $74.5 million in the third quarter. As of Sep 30, the company had approximately $981.9 million in cash and cash equivalents and $2.4 billion in long-term debt, representing a debt-to-capitalization ratio of 27.04%.
The company paid out $54.5 million in dividends during the quarter and bought back shares worth $205 million.
Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
Image: Bigstock
HollyFrontier (HFC) Q3 Earnings Top, Throughput Volumes Rise
HollyFrontier Corp. reported third-quarter 2019 net income per share (excluding special items) of $1.68, beating the Zacks Consensus Estimate of $1.43. This robust performance stemmed from stronger throughput volumes.
However, the figure is 15.15% lower than the year-ago adjusted earnings of $1.98 due to weak gross margins.
Meanwhile, revenues of $4.42 billion surpassed the Zacks Consensus Estimate of $4.33 billion but declined 7.3% from the third-quarter 2018 sales of $4.77 billion.
Segmental Information
Refining: Adjusted EBITDA — the main contributor to HollyFrontier’s earnings — was $424.6 million. This reflected a 16.28% decrease from the year-ago quarterly income of $507.2 million due to lower product margins, which was down 11% to $17.23 per barrel.
Total refined product sales volumes averaged 485,500 barrels per day (bpd), up 8.4% from 447,770 bpd in the year-ago quarter. Moreover, throughput increased from 470,560 bpd in the year-ago quarter to 506,800 bpd. The same even surpassed the Zacks Consensus Estimate of 484,000 bpd. Meanwhile, capacity utilization was 104.2%, up from 96.7% in third-quarter 2018.
Lubricants and Specialty Products: The segmental EBITDA totalled $38 million, down 10.3% from $42.4 million reported in the year-ago quarter, thanks to the impact of macroeconomic issues on end markets. Product sales averaged 36,160 bpd, increasing from the prior-year level of 31,970 bpd. Further, throughput rose 8.3% year over year to 23,190 bpd in the reported quarter.
HEP: This unit includes HollyFrontier’s 57% interest in Holly Energy Partners L.P. (HEP), a publicly-traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets. Segmental EBITDA was $123.1 million, up 41.65% from $86.9 million in third-quarter 2018. Earnings were boosted by strong revenues from its crude oil pipeline systems located in Wyoming and Utah.
HollyFrontier Corporation Price, Consensus and EPS Surprise
HollyFrontier Corporation price-consensus-eps-surprise-chart | HollyFrontier Corporation Quote
Balance Sheet
U.S. refiner HollyFrontier’s total capital expenditure was $74.5 million in the third quarter. As of Sep 30, the company had approximately $981.9 million in cash and cash equivalents and $2.4 billion in long-term debt, representing a debt-to-capitalization ratio of 27.04%.
The company paid out $54.5 million in dividends during the quarter and bought back shares worth $205 million.
Zacks Rank & Key Picks
HollyFrontier has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Subsea 7 SA, Inc. (SUBCY - Free Report) , Phillips 66 (PSX - Free Report) and Sunoco LP (SUN - Free Report) , each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
Download Free Report Now >>