Shares of petroleum refinery company HollyFrontier Corp. (HFC) are trading down 8 percent on Wednesday after it reported loss on adjusted basis, wider than the Street view.
The company reported first-quarter net income of $148.2 million or $0.90 per share, compared to net loss of $304.6 million or $1.88 per share in the year-ago quarter.
Excluding certain items, the company posted net loss of $85.3 million or $0.53 per share in the quarter, compared to net income of $86.5 million or $0.53 per share in the same period last year.
On average, 14 analysts polled by Thomson Reuters expected the company to report net loss of $0.45 per share in the quarter. Analysts’ estimates, usually, exclude one-time items.
The company’s sales and other revenues rose 3 percent to $3.5 billion from $3.4 billion in the prior-year quarter. Four analysts expected the company to report revenues of $2.7 billion in the three-month period.
The stock is currently trading at $32.97, down $3.25 or 8 percent on the NYSE.
HFC has traded between $16.81 and $42.39 in the past 52-weeks.
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