Even though they missed earnings estimates for the quarter, Frontier Oil (NYSE:FTO) had a decent quarter, with earnings reaching net income reaching $66.1 million, or 63 cents a share, up from the $57.9 million loss, or 56 cents a share, last year.
Frontier missed after excluding times, with adjusted earnings of 46 cents, whereas analysts had been looking for 47 cents a share.
Revenue in the quarter was $1.55 billion, an increase of 40 percent over the same quarter last year, which was exactly what analysts had expected for the quarter.
A hedging gain was a major factor in the performance of the company over last year, with a hedging gain of 17 cents a share against last year's 18-cent a share loss on hedges.
Like most energy companies in the last quarter, margins have been the story behind their increase in earnings, especially with refinery margins, which CEO Mike Jennings said should continue to widen incrementally going forward.
The differential in light/heavy crude also more than doubled during the quarter, increasing to an average of $9.33 a barrel, helping the margins of the company.
Showing posts with label Mike Jennings. Show all posts
Showing posts with label Mike Jennings. Show all posts
Thursday, August 5, 2010
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