HollyFrontier (HFC) Tops Q2 EPS by 30c, Revenues Beat

HollyFrontier (NYSE: HFC) reported Q2 EPS of ($0.25), $0.30 better than the analyst estimate of ($0.55). Revenue for the quarter came in at $2.06 billion versus the consensus estimate of $2.03 billion.

• Reported net loss attributable to HollyFrontier stockholders of $(176.7) million, or $(1.09) per diluted share, and adjusted net loss of $(40.8) million, or $(0.25) per diluted share, for the second quarter
• Reported EBITDA of $(46.2) million and adjusted EBITDA of $99.7 million for the second quarter
• Returned $57.2 million to shareholders through dividends in the second quarter

HollyFrontier’s President & CEO, Michael Jennings, commented, “During the second quarter, our focus remained on the safety of our employees, contractors and communities as we all continue to face the COVID-19 pandemic. Despite this challenging environment, HollyFrontier demonstrated its financial strength and we have taken prudent steps to preserve cash. Our strong balance sheet and the superior quality of our assets provides us with a competitive advantage through the cycle.

We are capitalizing on these strengths to continue growth in our renewables business. On June 1, we announced plans to convert the Cheyenne Refinery to renewable diesel production and to construct a pre-treatment unit which will provide feedstock flexibility for the previously announced renewable diesel unit at our Navajo Refinery. With the completion of these projects, HollyFrontier will become one of the largest producers of renewable diesel in the U.S., allowing us to capitalize on the increasing consumer demand for renewable fuels.”

For earnings history and earnings-related data on HollyFrontier (HFC) click here.

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