Delek US Holdings (DK) Tops Q1 EPS by 45c

Delek US Holdings (NYSE: DK) reported Q1 EPS of $0.16, $0.45 better than the analyst estimate of ($0.29). Revenue for the quarter came in at $1.18 billion versus the consensus estimate of $902.65 million.

Uzi Yemin, Chairman, President and Chief Executive Officer of Delek US stated, "Late in the first quarter, we experienced improving market conditions as the Gulf Coast 5-3-2 crack spread increased and Midland sourced crude moved to a discount to Cushing as we entered the second quarter. The improving drilling activity and crude oil production in the Permian Basin has several positive effects on our operations. There is the potential for our refining operations to benefit from a widening discount of Permian sourced crude to Cushing and improved economics for crude gathering as crude oil production rises. Our logistics segment has the potential to benefit through its west Texas wholesale business and the Paline Pipeline where volume should improve as wider crude discounts support shipping economics on that pipeline."

For earnings history and earnings-related data on Delek US Holdings (DK) click here.

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