PBF Energy Inc. (PBF) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $54.56 million, or $ 0.54 a share in the quarter, against a net loss of $119.53 million, or $1.24 a share in the last year period. On an adjusted basis, net profit fully-converted for the quarter stood at $57.09 million, or $0.54 a share compared with a net loss fully-converted of $125.74 million, or $1.23 a share in the last year period.
Revenue during the quarter surged 41.31 percent to $4,748.57 million from $3,360.49 million in the previous year period. Gross margin for the quarter expanded 830 basis points over the previous year period to 14.20 percent. Operating margin for the quarter period stood at positive 2.94 percent as compared to a negative 5.31 percent for the previous year period.
Operating income for the quarter was $139.83 million, compared with an operating loss of $178.36 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $4.78 million compared with $225.47 million in the prior year period. At the same time, adjusted EBITDA margin contracted 661 basis points in the quarter to 0.10 percent from 6.71 percent in the last year period.
"Our fourth quarter and full-year 2016 results reflect the numerous market and regulatory headwinds faced by the independent refiners and we, as a company, did not operate our assets to the fullest of their potential," said Tom Nimbley, PBF Energy's chairman and chief executive officer, "Looking ahead, with the proceeds from our recent equity raise, we are pleased to be starting the year with a strong and flexible balance sheet. We are committed to the continued integration of both Torrance and Chalmette, and further optimizing our entire system in 2017."
Operating cash flow improves
PBF Energy Inc. has generated cash of $651.93 million from operating activities during the year, up 16.33 percent or $91.51 million, when compared with the last year.
The company has spent $1,393.94 million cash to meet investing activities during the year as against cash outgo of $812.11 million in the last year.
Cash flow from financing activities was $543.96 million for the year, down 31.85 percent or $254.18 million, when compared with the last year.
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