PBF Energy Inc. (PBF) Thursday reported a loss for the fourth quarter compared with a profit last year, mainly due to decline in revenue. The results missed the Street view.
Additionally, the company has increased its existing share repurchase authorization by $750 million to more than $1 billion.
The company posted a net loss of $48.4 million or $0.40 per share for the fourth quarter, compared with net income of $637.8 million or $4.86 per share in the same quarter a year ago.
Excluding special items, loss was $49.4 million, or $0.41 per share. This compares with the average estimate of analysts polled by Thomson-Reuters of $0.08 profit per share.
Revenue for the quarter declined to $9.139 billion from $10.846 billion last year. The consensus estimate was for $8.65 billion.
The company has declared a quarterly dividend of $0.25 per share of Class A common Stock payable on on March 14, to shareholders of record on February 29.
PBF Energy shares are down more than 8 percent in pre-market trading. The stock had closed at $52.24, down 0.46 percent on Wednesday. It has been trading in the range of $31.26 - $56.38 in the last 1 year.
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