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PBF Vitality (NYSE:PBF) on Thursday posted third quarter outcomes that comfortably beat Wall Road estimates because the petroleum refiner continued to profit from robust buyer demand for its merchandise and better gross margins.
Shares of the firm had been +3.7 in mid-day buying and selling.
PBF reported Q3 Non-GAAP EPS of $7.96, exceeding expectations by $1.38, income of $12.76B (+77.7% Y/Y) was effectively forward analyst estimates by no less than $2.65B.
Q3 gross refining margin of $24.96 per barrel of throughput greater than doubled from $9.32 a 12 months in the past. Complete value and bills surged 60% to $11.36B in the course of the quarter.
The New Jersey-based firm additionally reinstated its common quarterly dividend at $0.20 per share.
PBF invested ~$103M in Q3 on a renewable fuels challenge co-located on the Chalmette refinery and expects manufacturing to start in 1H 2023.
PBF additionally forecasted This autumn whole throughput in a spread of 945K to ~1M barrels per day and 900K to 960K barrels per day for FY2022.
FY2022 refining capex, excluding renewable diesel challenge capex, is predicted round $550 to $575M, the refiner stated.
“As we head into the winter months, international product inventories stay low, client demand is resilient and refineries are working at excessive utilization to maintain tempo,” Chairman and CEO Tom Nimbley stated.
As of Wednesday’s shut, PBF inventory has greater than tripled in worth YTD.
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