HF Sinclair Corporation (NYSE:DINO) shares are trading higher after it reported first-quarter FY24 results.
Revenues declined 7% Y/Y to $7.027 billion, missing the consensus of $7.542 billion.
Adjusted EBITDA fell 43% Y/Y to $399.1 million in the quarter. Adjusted EPS of $0.71 beat the consensus of $0.65.
The Refining segment adjusted EBITDA declined to $208.8 million from $537.0 million a year ago, owing to lower refinery gross margins in both the West and Mid-Continent regions due to seasonal demand weakness for transportation fuels in the areas.
Lubricants and Specialty Products segment EBITDA stood at $87.0 million vs. $97.6 million a year ago, led by lower base oil prices.
Renewables segment adjusted EBITDA stood at $(18.6) million vs. $3.0 million the prior year. Marketing segment EBITDA was $15.7 million compared to $6.4 million a year ago.
Operating cash flow stood at $316.9 million in the quarter. As of March-end, cash and equivalents stood at $1.24 billion.
The company paid $269.0 million to stockholders through dividends and share repurchases in the first quarter.
Dividend: DINO declared a dividend of $0.50 per share, payable on June 5 to holders of record as of May 22.
Buyback: The company announced a new share repurchase authorization of $1.0 billion.
Investors can gain exposure to the stock via VanEck Oil Refiners ETF (NYSE:CRAK) and First Trust Energy AlphaDEX Fund (NYSE:FXN).
Price Action: DINO shares are trading higher by 4.43% at $57.28 at the last check Wednesday.
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