HF Sinclair Corp (NYSE:DINO) Corp reported Q3 2023 revenues declined 16% Y/Y to $8.91 billion, beating the consensus of $8.658 billion.
Adjusted EBITDA fell 20% Y/Y to $1.21 billion in the quarter. Adjusted EPS of $4.06 beat the consensus of $3.67.
Refining segment adjusted EBITDA declined to $1.01 billion from $1.45 billion a year ago due to lower gross margins in the West and Mid-Continent regions and a decline in product sales volumes.
Renewables segment adjusted EBITDA stood at $5.0 million vs. $(14.2) million the prior year. Marketing segment EBITDA was $21.1 million compared to $10.2 million a year ago.
Lubricants and Specialty Products segment EBITDA stood at $118.4 million vs. $15.2 million a year ago, led by FIFO benefit from the consumption of lower-priced feedstock inventory.
Also Read: HF Sinclair Is ‘Entering Execution Era,’ Analyst Expects Strong Capital Returns & More
Operating cash flow stood at $1.40 billion in the quarter. As of September 30, 2023, cash and equivalents stood at $2.21 billion.
The company paid dividends of $83.6 million in the quarter. DINO declared a dividend of $0.45 per share, payable on December 5, 2023, to shareholders of record as on November 16, 2023. The company spent $585.6 million on share repurchases in the quarter.
Related: HF Sinclair Plans $1B Share Buyback
Price Action: DINO shares are trading higher by 1.18% at $56.43 on the last check Thursday.
