DALLAS, September 17, 2019 – Shares of HollyFrontier Corporation (NYSE: HFC) surged 4.67% to $53.78. The stock traded total volume of 3.471M shares higher than the average volume of 2.03M shares.
HollyFrontier Corporation (HFC) recently reported first quarter net income attributable to HollyFrontier stockholders of $253.10M, or $1.47 per diluted share, for the quarter ended March 31, 2019, contrast to $268.10M, or $1.50 per diluted share, for the quarter ended March 31, 2018.
The first quarter results reflect special items that collectively increased net income by a total of $159.90M. These items include a lower of cost or market inventory valuation adjustment that increased pre-tax earnings by $232.30M, offset by Sonneborn acquisition and integration costs totaling $12.60M and incremental cost of products sold attributable to our Sonneborn inventory value step-up of $9.30M. Excluding these items, net income for the current quarter was $93.20M ($0.54 per diluted share) contrast to $137.30M ($0.77 per diluted share) for the first quarter of 2018, which excludes certain items that collectively increased earnings by $130.80M for the three months ended March 31, 2018. Total operating expenses for the quarter were $331.60M contrast to $320.30M for the first quarter of last year.
The Refining and Marketing segment reported adjusted EBITDA of $193.40M contrast to $200.90M for the first quarter of 2018. This decrease was mainly driven by lower crude differentials which resulted in a consolidated refinery gross margin of $12.74 per produced barrel, a 1% decrease contrast to $12.83 for the first quarter of 2018. Crude oil charge averaged 400,430 barrels per day (“BPD”) for the current quarter contrast to 415,260 BPD for the first quarter 2018. The lower crude charge was mainly because of the planned turnaround at our Tulsa East refinery and unplanned maintenance at our El Dorado refinery.
Our Lubricants and Specialty Products segment reported adjusted EBITDA of $20.40M, despite the challenging base oil market. Rack Forward adjusted EBITDA was $52.80M for the quarter, counting two months of EBITDA contribution from Sonneborn.
Holly Energy Partners, L.P. (“HEP”) reported EBITDA of $93.50M for the first quarter 2019 contrast to $88.50M in the first quarter of 2018.
For the first quarter of 2019, net cash offered by operations totaled $216.80M. During the period, we declared and paid a dividend of $0.33 per share to shareholders totaling $56.80M and spent $77.80M in stock repurchases. At March 31, 2019, our cash and cash equivalents totaled $496.10M, a $658.60M decrease over cash and cash equivalents of $1,154.80M at December 31, 2018, reflecting our purchase of Sonneborn. In Addition To, our consolidated debt was $2,430.90M. Our debt, exclusive of HEP debt, which is nonrecourse to HollyFrontier, was $992.90M at March 31, 2019.
HFC has the market capitalization of $9.11B and its EPS growth ratio for the past five years was 11.00%. The return on assets ratio of the Company was 8.00% while its return on investment ratio stands at 15.20%. Price to sales ratio was 0.51 while 88.40% of the stock was owned by institutional investors.
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