Delek U.S. Swings To Profit In Q1 On Better Refinery Performance, Beats Estimates

(RTTNews) - Delek US Holdings, Inc. (DK), a diversified downstream energy company, on Tuesday announced financial results for its first quarter ended March 31, 2022 that showed a turnaround to profit, aided by the strong revenue growth and improvements in refining operating results. Both earnings and revenues surpassed expectations significantly.

Net income for the period was $6.6 million or $0.09 per share as compared to a net loss of $70 million or $0.95 per share in the previous period.

Adjusted net income for the period was $42.9 million or $0.58 per share versus loss of $80.2 million or $1.08 per share in the year-ago quarter.

The improvement in adjusted net income is primarily attributable to improvements in refining operating results and contribution margins, including the impact of higher refining utilization rates currently. The previous period's performance was also adversely affected by the outages related to turnaround activities, a refinery fire and the effects of Winter Storm Uri.

13 analysts polled by Thomson Reuters were expecting the company to report loss of $0.12 per share. Analysts typically exclude one-time items.

Revenues increased to $4.5 billion, from $2.4 billion in the first quarter of 2021.

4 analysts polled by Thomson Reuters were expecting the company to report revenues of $2.95 billion.

Operations resulted in an income of $ 46.7 million, as compared to a loss or $47.4 million in the first three months of 2021.

Shares of Delek U.S Holdings are currently trading in pre-market at $25.39, up $0.69 or 2.79 percent from the previous close.