Alon USA Partners, LP (ALDW) Misses Q3 EPS by 3c
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Alon USA Partners, LP (NYSE: ALDW) reported Q3 EPS of $1.23, $0.03 worse than the analyst estimate of $1.26.
Paul Eisman, President and CEO, commented, "Our third quarter results reflect excellent operational performance at the Big Spring refinery resulting in a record total refinery throughput of 74,800 barrels per day. In addition, as a result of the completion of the vacuum tower project during the recent turnaround, the refinery increased its distillate yield by 5% in the third quarter of 2014 as compared to the distillate yield achieved in the same quarter last year.
"The Big Spring refinery's operational performance for the third quarter was complemented by strong refinery operating margin of almost $20 per barrel. The operating margin was driven primarily by record combined gasoline and distillate yield of almost 88%, liquid recovery of over 100% as well as wide discounts in Midland-priced crudes. The third quarter operational performance also led to direct operating expense of only $3.74 per barrel. These were the key contributors to adjusted EBITDA for the third quarter of over $103 million resulting in cash available for distribution of over $1 per unit.
"Looking forward, we expect total throughput at the Big Spring refinery for the fourth quarter to be 75,000 barrels per day."
For earnings history and earnings-related data on Alon USA Partners, LP (ALDW) click here.
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