Alon USA Energy Inc. (ALJ), Wednesday reported net income for the first quarter, compared to net loss reported in the same period last year, benefitting from the absence of costs associated with fire at its Big Spring refinery that affected year-ago results.
The Dallas, Texas-based company posted net income of $17.4 million or $0.37 per share for the first quarter of 2009, compared to a net loss of $33.6 million or $0.72 per share in the prior year quarter.
The result for the year-ago quarter included after-tax losses for net costs associated with the Big Spring refinery fire of $9.7 million partially offset by an after-tax gain of $1.4 million recognized on disposition of assets. Excluding special items, net loss would have been $25.2 million or $0.54 per share in the previous year quarter.
On average, 6 analysts polled by Thomson Reuters expected the company to earn $0.33 per share for the first quarter. Analysts' estimate typically excludes special items.
First quarter net sales declined to $722.18 million from $1.02 billion in the same quarter of last year.
The combined refineries throughput for the first quarter averaged 146,890 barrels per day or bpd, consisting of 64,417 bpd at the Big Spring refinery, 28,761 bpd at the California refineries, and 53,712 bpd at the Krotz Springs refinery, compared to a combined average of 66,682 bpd in the first quarter of 2008, consisting of 29,270 bpd at the Big Spring refinery and 37,412 bpd at the California refineries.
The company noted that its Big Spring refinery had higher throughput in the first quarter of 2009, due to last year's fire at the Big Spring refinery. On the other hand, throughput at the California refineries was lower in the quarter, due to a planned turnaround and completion of the naphtha hydrotreater unit.
Total operating costs and expenses decreased to $662.60 million from $1.07 billion in the first quarter of 2008.
Further, Alon said that its board has approved the regular quarterly cash dividend of $0.04 per share. The dividend is payable on June 15, 2009 to shareholders of record as of May 29, 2009.
ALJ closed Wednesday's regular trading session at $14.69, up $1.28 or 9.55%.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.