PBF Energy Inc has announced its earnings for the first quarter which, although lower than last year's figures, have surpassed Wall Street predictions. The company's earnings came to a total of $106.6 million, or $0.86 per share, a considerable reduction when compared to the $382.1 million, or $2.86 per share, amassed in the first quarter of last year.
When special items are excluded, PBF Energy Inc. reported adjusted earnings of $106.4 million or $0.85 per share for the period.
Market analysts had predicted the company would earn an average of $0.66 per share, according to data accrued by Thomson Reuters. These estimates normally discount special items.
PBF Energy Inc. saw a decline of 7.0% in the company's revenue for this quarter, dropping to $8.65 billion from last year's $9.30 billion.
To summarize the earnings according to Generally Accepted Accounting Principles (GAAP), PBF Energy Inc. reported:
- First Quarter Earnings: $106.6 million, down from $382.1 million last year
- First Quarter Earnings Per Share (EPS): $0.86, down from $2.86 last year
- First Quarter Revenue: $8.65 billion, down from $9.30 billion last year.
