June 1, 2018 - 7:10 AM EDT
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Free Research Report as HollyFrontier's Revenues Surged 34%; Turned Profitable Y-O-Y

Stock Monitor: CrossAmerica Partners Post Earnings Reporting

LONDON, UK / ACCESSWIRE / June 1, 2018 / If you want access to our free earnings report on HollyFrontier Corp. (NYSE: HFC), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HFC. The Company reported its first quarter fiscal 2018 operating and financial results on May 02, 2018. The independent energy organization outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:


Active-Investors.com is currently working on the research report for CrossAmerica Partners LP (NYSE: CAPL), which also belongs to the Basic Materials sector as the Company HollyFrontier. Do not miss out and become a member today for free to access this upcoming report at:


Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, HollyFrontier most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:


Earnings Highlights and Summary

For the three months ended March 31, 2018, HollyFrontier generated sales and other revenues of $4.13 billion, up 34% compared to $3.08 billion in the quarter ended March 31, 2017. The Company's revenue numbers topped analysts' estimates of $3.39 billion.

During Q1 2018, HollyFrontier's total operating expenses were $320.3 million compared to $307.7 million in Q1 2017.

HollyFrontier reported a net income attributable to common stockholders of $268.1 million, or $1.50 per diluted share, in Q1 2018 compared to a net loss of $45.5 million, or $0.26 loss per diluted share, in Q1 2017. The Company's reported quarter results reflected special items that collectively increased net income by a total of $130.8 million. These items included a lower of cost or market inventory valuation adjustment that increased pre-tax earnings by $103.8 million; a reduction to RINs costs of $71.7 million as a result of HollyFrontier's Cheyenne refinery's small refinery exemptions for the 2015 and 2017 calendar years; and a charge of $3.6 million for integration costs related to the Company's Petro-Canada Lubricants Inc. ("PCLI") acquisition in 2017.

Excluding these items, HollyFrontier's adjusted net income was $137.3 million, or $0.77 per diluted share, in Q1 2018 compared to a net loss of $33.4 million, or $0.19 loss per diluted share, in Q1 2017. The Company's earnings surpassed Wall Street's estimates of $0.37 per share.

For Q1 2018, HollyFrontier's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were $315.7 million, reflecting an increase of 269% from $85.5 million in Q1 2017.

Segment Results

For Q1 2018, HollyFrontier's crude throughput was 415,000 barrels per day, in-line with the Company's guidance of 410,000 to 420,000 barrels per day (BPD). The Company's consolidated operating cost improved 16% to $5.86 per throughput barrel versus $6.97 in the year ago comparable period.

During Q1 2018, HollyFrontier's Refining segment's crude oil charges averaged 415,260 BPD compared to 371,070 BPD in Q1 2017. On a per barrel basis, the segment's consolidated refinery gross margin was $12.83 per produced barrel, a 70% increase compared to $7.54 in the year earlier same quarter.

During Q1 2018, HollyFrontier's Lubes and Specialty Products segment reported EBITDA of $41.7 million, driven by strong Rack Forward sales volumes and margins. The Company's Rack Forward unit's EBITDA were $56.0 million in the reported quarter. HollyFrontier continues to expect Rack Forward unit's EBITDA to be in the range of $180.0 million to $200.0 million for FY18.

HollyFrontier's Holly Energy Partners, L.P. ("HEP") reported EBITDA of $88.5 million in Q1 2018 compared to $70.1 million in Q1 2017. This growth was driven by the acquisition of the SLC and Frontier Pipelines, as well as volume growth in HEP's Permian crude gathering system. The Company's distributable cash flow came in at $69.1 million, delivering a distribution coverage ratio of 1.04x.

Cash Matters

For Q1 2018, HollyFrontier's net cash provided by operations totaled $333.8 million, an increase of $373.2 million compared to Q1 2017. At March 31, 2018, the Company's cash and cash equivalents totaled $781.5 million, representing a $150.7 million increase over $630.8 million at December 31, 2017. Additionally, the Company's consolidated debt was $2.38 billion. The Company's debt, exclusive of HEP debt, which is non-recourse to HollyFrontier, was $991.9 million at March 31, 2018.

During Q1 2018, HollyFrontier returned a total of $84 million of cash to shareholders; comprised of a $0.33 regular dividend totaling $59 million, and the repurchase of approximately 550,000 shares of common stock totaling $25 million. As of March 31, 2018, the Company had $152 million remaining on its existing stock repurchase authorization.

Stock Performance Snapshot

May 31, 2018 - At Thursday's closing bell, HollyFrontier's stock marginally dropped 0.53%, ending the trading session at $77.18.

Volume traded for the day: 4.65 million shares, which was above the 3-month average volume of 2.41 million shares.

Stock performance in the last month – up 27.65%; previous three-month period – up 77.63%; past twelve-month period – up 222.93%; and year-to-date – up 50.68%

After yesterday's close, HollyFrontier's market cap was at $14.16 billion.

Price to Earnings (P/E) ratio was at 17.00.

The stock has a dividend yield of 1.71%.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Refining & Marketing industry.


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Source: ACCESSWIRE Investor Awareness (June 1, 2018 - 7:10 AM EDT)

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