Investing
PBF Energy beats quarterly profit estimates on strong margins
© Reuters. FILE PHOTO: A nighttime view of the Torrance Refinery, an oil refinery operated by PBF Energy, in Torrance, California, U.S., March 10, 2022. Picture taken March 10, 2022. REUTERS/Bing Guan/File Photo
(Reuters) – U.S. refiner PBF Energy (NYSE:) Inc beat estimates for first-quarter profit on Friday, aided by higher margins amid tight supplies and strong demand for fuel.
Refining margins have risen after pandemic-related closures and subsequent declines in fuel inventories raised demand for oil products.
Western sanctions on Russia also crimped global supplies at a time when fuel demand was recovering from pandemic lows, boosting the margins of refiners.
PBF’s gross refining margin, excluding special items, rose to $1.41 billion in the reported quarter, compared with $850.7 million a year ago.
“While we cannot anticipate where or when, we expect to see market dislocation moving forward,” said outgoing Chief Executive Officer Tom Nimbley.
Excluding items, the New Jersey-based company earned $2.76 per share for the three months ended March 31, compared with analysts’ average estimate of $2.58, according to Refinitiv data.
Read the full article here
How Meta Generated $32 Billion in Ad Revenue Last Quarter
Meta Is Laying Off 5% of Its Workforce: Read the Memo
Think Copying Big Brands Will Bring You Success? Think Again
The $100-Million Habit That Leads to Extraordinary Success
US stocks reverse gains despite softer inflation data; Trump tariffs eyed By Investing.com
Microsoft Is About to Begin Job Cuts. Here’s Why.
10 Critical Questions to Ask Your Financial Advisor Now
10 Ways to Make Money As a Graphic Designer
What CMOs Need to Know About AI Adoption in Marketing Teams
If you are 60 years old, new 401(k) rules could save you money
Debt ceiling debate and its effect on the U.S. dollar
Debt ceiling default: Still no deal between parties
Stovall: If the U.S. defaults on its debt, all S&P 500 sectors will likely fall
What China's weaker-than-expected economy could mean for U.S. markets
A ‘Big Short’ investor sees financial disaster brewing in housing markets — again
-
Side Hustles6 days agoMicrosoft Is About to Begin Job Cuts. Here’s Why.
-
Make Money5 days ago10 Critical Questions to Ask Your Financial Advisor Now
-
Make Money4 days ago10 Ways to Make Money As a Graphic Designer
-
Investing6 days agoWhat CMOs Need to Know About AI Adoption in Marketing Teams
-
Personal Finance3 days agoIf you are 60 years old, new 401(k) rules could save you money
-
Side Hustles6 days agoJPMorgan to Implement a Five-Day Return-to-Office Mandate
-
Investing5 days agoAirbus keeps top spot with 766 jet deliveries in 2024 By Reuters
-
Passive Income6 days ago3 AI Leadership Lessons for 2025