Western Refining Inc. (NYSE:WNR) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Western Refining Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 16.05% to $0.94 in the quarter versus EPS of $0.81 in the year-earlier quarter.
Revenue: Decreased 6.54% to $2.19 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Western Refining Inc. reported adjusted EPS income of $0.94 per share. By that measure, the company missed the mean analyst estimate of $0.97. It beat the average revenue estimate of $2.15 billion.
Quoting Management: Jeff Stevens, Western’s President and Chief Executive Officer, said, “Western delivered another strong quarter as we continued to build on the momentum of our outstanding 2012 financial performance. During the first quarter, we took a number of steps that we believe will have a long-term positive impact for the Company. Our ability to refinance our long-term debt, on an unsecured basis and at a 6.25% rate, is a clear reflection of our balance sheet improvements and the positive outlook the market has for Western. The refinancing will result in approximately $15 million in annual interest expense savings and will give us even more financial flexibility.”
Key Stats (on next page)…