Giant Industries (GI) Reports Q1 Earnings of $0.49
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Giant Industries (NYSE: GI) reports Q1 earnings of $0.49 per share versus the consensus of $1.17 per share. Net revenues were $1.02 billion versus $863 million reported in Q1 of 2006.
CEO Fred Holliger said, "Our first quarter 2007 earnings were negatively impacted by reduced operations at our Yorktown and Ciniza refineries in the months of January and February as we made repairs necessitated by the fires that occurred at these facilities in the fourth quarter of 2006. The month of March was, however, exceptional for our Refining operations as our refineries were operating at high utilization rates and refining margins were strong throughout our markets."
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