Par Pacific (PARR) Misses Q3 EPS by 7c, Revenues Beat

Par Pacific (NYSE: PARR) reported Q3 EPS of $0.12, $0.07 worse than the analyst estimate of $0.19. Revenue for the quarter came in at $909.78 million versus the consensus estimate of $766.95 million.

• Net Loss of $5.8 million, or $(0.13) per diluted share
• Adjusted Net Income of $5.5 million, or $0.12 per diluted share
• Adjusted EBITDA of $27.1 million
• Record on-island sales of 75,300 barrels per day in Hawaii
• Approved $44 million investment in Hawaii to increase on-island gasoline production; projected to come online in the first quarter of 2021
• Laramie ownership interest increased to 46% from 39% in October following the redemption of a unitholder's interest

"I am pleased with the progress we made during the quarter in executing on our strategic initiatives," said William Pate, Par Pacific's President and Chief Executive Officer. "We've announced a combined $116 million investment in Hawaii between the IES transaction and other expansion projects with attractive return profiles in order to capitalize on IMO 2020 and growing jet fuel demand. Our third quarter operating and financial results benefited from strong operations from our Wyoming Refinery and Retail, which mitigated challenges faced by our Hawaii Refinery."

For earnings history and earnings-related data on Par Pacific (PARR) click here.

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