HollyFrontier 3Q profit up on higher margins
DALLAS (AP) — HollyFrontier Corp. said Wednesday that third-quarter profit rose 15 percent on higher refining margins, beating analysts' expectations.
The company said the factors that led to better margins will continue and allow the company to pay regular and special dividends.
Net income was $600.4 million, or $2.94 per share, compared with $523.1 million, or $2.48 per share, a year earlier.
Analysts expected $2.40, according to FactSet.
Revenue for the independent petroleum refiner and seller rose less than 1 percent, to $5.20 billion, slightly below the analysts' forecast of $5.21 billion.
The Dallas company operates refineries in El Dorado, Kan.; Tulsa, Okla.; Artesia, N.M.; Cheyenne, Wyo.; and Woods Cross, Utah. It sells petroleum products in several Western and plains states.
HollyFrontier shares rose 87 cents, or 2.2 percent, to $40.95 in afternoon trading.