PBF Energy ( NYSE: PBF ) on Thursday posted third quarter results that comfortably beat Wall Street estimates as the petroleum refiner continued to benefit from strong customer demand for its products and higher gross margins.
Shares of the company were +3.7 in mid-day trading.
PBF reported Q3 Non-GAAP EPS of $7.96, exceeding expectations by $1.38, revenue of $12.76B (+77.7% Y/Y) was well ahead analyst estimates by at least $2.65B.
Q3 gross refining margin of $24.96 per barrel of throughput more than doubled from $9.32 a year ago. Total cost and expenses surged 60% to $11.36B during the quarter.
The New Jersey-based company also reinstated its regular quarterly dividend at $0.20 per share.
PBF invested ~$103M in Q3 on a renewable fuels project co-located at the Chalmette refinery and expects production to begin in 1H 2023.
PBF also forecasted Q4 total throughput in a range of 945K to ~1M barrels per day and 900K to 960K barrels per day for FY2022.
FY2022 refining capex, excluding renewable diesel project capex, is expected around $550 to $575M, the refiner said.
"As we head into the winter months, global product inventories remain low, consumer demand is resilient and refineries are running at high utilization to keep pace," Chairman and CEO Tom Nimbley said.
As of Wednesday's close, PBF stock has more than tripled in value YTD.
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Strong demand, margins help refiner PBF post Q3 beat