HollyFrontier Corp. (HFC: Quote) posted second-quarter net income attributable to HollyFrontier stockholders of $493.5 million or $2.39 per share versus $192.24 million or $1.79 per share last year. On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $2.25 per share. Analysts' estimates typically exclude special items.
The growth in net income principally reflects increased operating scale due to the company's July 2011 merger, higher second quarter refining margins as well as sustained differentials between inland and coastal-sourced crude oils.
Sales and other revenues grew to $4.81 billion from $2.97 billion in the prior-year quarter. Analysts expected revenues of $5.09 billion.
HollyFrontier's President & CEO Mike Jennings commented, "We are extremely pleased with our outstanding second quarter results, reaching near all-time highs. For the quarter, sustained heavy crude oil differentials as well as inland to coastal crude oil differentials helped drive product margins to near record levels..."
Click here to receive FREE breaking news email alerts for HollyFrontier Corp. and others in your portfolio
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org