PBF Energy (NYSE: PBF) reported Q1 EPS of ($1.18), $0.30 worse than the analyst estimate of ($0.88). Revenue for the quarter came in at $5.22 billion versus the consensus estimate of $5.18 billion.

• The company reported first quarter 2019 net income of $241.4 million and net income attributable to PBF Energy Inc. of $229.2 million or $1.89 per share.
• This compares to net income of $41.8 million, and net income attributable to PBF Energy Inc. of $30.4 million or $0.27 per share for the first quarter 2018.
• Special items in the first quarter 2019 results, which increased net income, by a net, after-tax gain of $374.4 million, or $3.07 per share, consisted of a lower-of-cost-or-market (\"LCM\") inventory adjustment.
• Adjusted fully-converted net loss for the first quarter 2019, excluding special items, was $143.0 million, or $(1.18) per share on a fully-exchanged, fully-diluted basis, as described below, compared to an adjusted fully-converted net loss of $33.4 million or $(0.29) per share, for the first quarter 2018.

Tom Nimbley, PBF Energy's Chairman and CEO, said, "PBF made the strategic decision to advance the majority of our 2019 maintenance program into the first quarter of 2019. Consequently, first quarter results reflect both the challenging market conditions, in terms of narrow crude differentials and weak product margins, as well as the intentional shift of maintenance into this period of low refining margins. Four out of five of our refineries conducted turnarounds or significant maintenance during the quarter which reduced our overall throughput and increased expenditures.\" Mr. Nimbley continued, "As a result of this shift in maintenance activity to the first quarter, our refineries are in the favorable position of being able to operate unimpeded for the remainder of the year in an improving market with an even stronger outlook."

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