PBF Energy Earnings: Here’s Why Shares are Down Now

PBF Energy (NYSE:PBF) 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. Shares are down 1.4%.

PBF Energy Earnings Cheat Sheet

Revenue: Was the same at $4.68 billion as the year-earlier quarter.

Actual vs. Wall St. Expectations: PBF Energy reported adjusted EPS income of $0.73 per share. By that measure, the company missed the mean analyst estimate of $0.79. It beat the average revenue estimate of $4.56 billion.

Quoting Management: Tom Nimbley, PBF Energy’s CEO, said, “While our refineries operated as expected in the second quarter, our results were negatively impacted by unfavorable movements in crude oil differentials, such as the WTI-Syncrude and Brent-ASCI differentials, high flat prices for feedstocks and increasing costs related to compliance with the Renewable Fuels Standard.”

Key Stats (on next page)…

Revenue decreased 2.49% from $4.8 billion in the previous quarter. EPS increased 52.08% from $0.48 in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $1.75 to a profit $0.86. For the current year, the average estimate has moved down from a profit of $5.31 to a profit of $2.43 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)