HollyFrontier (HFC) Misses Q3 EPS by 7c

HollyFrontier (NYSE: HFC) reported Q3 EPS of $0.88, $0.07 worse than the analyst estimate of $0.95. Revenue for the quarter came in at $5.32 billion versus the consensus estimate of $4.45 billion.

HollyFrontier’s President & CEO, Mike Jennings, commented, “Our third quarter net income attributable to HollyFrontier shareholders more than doubled compared to the prior year quarter despite lower refinery throughput. Realized refined product margins improved across all regions driven by a combination of higher gasoline and diesel crack spreads and our ability to capitalize on regional crude discounts particularly in the Permian Basin. The fourth quarter is off to a strong start, where we have seen product demand strength in the Mid Continent and Rockies region through October due to mild weather, a strong harvest and continued drilling activity. We continue to benefit from regional increases in crude production, particularly in our Rockies and Southwest regions. We also expect the continued growth in North American crude supply will improve our overall access to refinery feedstocks and provide us with an enduring structural advantage versus other refining centers.”

For earnings history and earnings-related data on HollyFrontier (HFC) click here.

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