PBF Energy (PBF) Misses Q3 EPS by 6c, Revenues Beat

PBF Energy (NYSE: PBF) reported Q3 EPS of $0.57, $0.06 worse than the analyst estimate of $0.63. Revenue for the quarter came in at $6.43 billion versus the consensus estimate of $6.29 billion.

Tom Nimbley, PBF Energy's Chairman and CEO, said, "PBF's strong results and operating cash flow in the third quarter reflects the benefit of our strategic decision to front-load our maintenance activity during the first half of 2019. All of our refineries operated well and we generated solid financial results despite a volatile market." Mr. Nimbley continued, "We have had a good start to the fourth quarter and I am excited to announce that our second Chalmette coker is in the start-up process and the project was completed on time and on budget. We continue to progress towards the closing of the Martinez refinery acquisition and are looking forward to welcoming the Martinez employees to the PBF family."

OutlookFor the fourth quarter 2019, we expect East Coast total throughput to average 340,000 to 360,000 barrels per day; Mid-Continent total throughput is expected to average 150,000 to 160,000 barrels per day; Gulf Coast total throughput is expected to average 170,000 to 180,000 barrels per day and West Coast total throughput is expected to average 170,000 to 180,000 barrels per day.

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

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