PBF Logistics (PBFX) Tops Q2 EPS by 12c

PBF Logistics (NYSE: PBFX) reported Q2 EPS of $0.60, $0.12 better than the analyst estimate of $0.48. Revenue for the quarter came in at $89.13 million versus the consensus estimate of $89.45 million.

"Our focus during the second quarter was on the safety of our employees and operations as we implemented many additional safety protocols to ensure business continuity. Our strong contracted minimum volume commitments largely insulated us from the impacts of the pandemic and resulting decrease in volumes. We continued to support our customers during this disruptive time and we expect our revenues to remain well-supported by our long-term contracts in the coming quarters," said PBF Logistics GP LLC Executive Vice President Matt Lucey. "We announced a distribution of $0.30 per unit today and used excess cash to reduce leverage by paying down a portion of our revolving credit facility. Delevering the business and strengthening the balance sheet will position the Partnership to be opportunistic."

For earnings history and earnings-related data on PBF Logistics (PBFX) click here.

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