HollyFrontier Corp. (HFC) posted higher first-quarter net income attributable to stockholders of $333.7 million or $1.63 per share, compared with $241.7 million or $1.16 per share last year, principally reflecting higher first quarter refining margins. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $1.73 for the quarter. Analysts' estimates typically exclude one-time items.
However, sales and other revenues for the recent quarter were $4.71 billion, down 5%, compared with the prior-year figure of $4.93 billion. Analysts estimated revenues of $4.59 billion for the quarter. Production levels averaged around 407,000 barrels per day or "BPD" and crude oil charges averaged nearly 381,000 BPD for the current quarter.
According to the company, planned turnarounds led to an overall lower production levels for the quarter, but strong refined product margins helped drive a solid year-over-year increase in first quarter earnings. "Looking forward into the summer driving season, our margin outlook continues to be positive," HollyFrontier said in a statement.
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