HF Sinclair Q3: Earnings Beat, 19% Revenue Decline, EBITDA Drop & More

HF Sinclair Corporation DINO reported a third-quarter revenue decline of 19% year over year to $7.207 billion, beating the consensus of $6.833 billion.

Adjusted EBITDA fell 74% YoY to $316 million in the quarter. The Refining segment’s adjusted EBITDA fell to $110 million from $1.01 billion a year earlier due to reduced refinery gross margins in the West and Mid-Continent regions caused by high global supply of transportation fuels across the industry.

Lubricants and Specialty Products segment EBITDA fell to $76.2 million from $117.5 million in 2023, mainly due to a $26.7 million FIFO charge, partially offset by higher sales volumes and improved sales mix.

Adjusted EPS of $0.51 beat the consensus of $0.32.

Operating cash flow stood at $707.6 million in the quarter. As of September 30, cash and equivalents were $1.229 billion.

The company paid $95.3 million in dividends and spent $126.5 million on share repurchases, with consolidated debt totaling $2.637 billion.

Dividend: DINO declared a dividend of $0.50 per share, payable on December 4, 2024, to holders of record of common stock on November 21, 2024.

HF Sinclair’s Chief Executive Officer, Tim Go, commented, “We are pleased with our financial and operational performance, supported by strong and consistent earnings in our Marketing, Midstream and Lubricants & Specialties business segments. Looking forward, we remain committed to safe and reliable operations, and we believe the diversification of our businesses positions us to generate through-cycle cash flows and continued returns to our shareholders.”

Price Action: DINO shares traded higher by 0.71% at $41.11 at the last check Thursday.