PBF Energy Posts Wider Loss in Q4, Revenue Tops Estimates
PARSIPPANY, N.J. (AP) — PBF Energy Inc. (PBF) reported a wider loss in its fourth quarter, hurt by lower refining margins and weak demand for oil products.
The company said Thursday it had a loss of $289.3 million, or $2.52 per share, in the quarter ended Dec. 31. Excluding one-time items, the company said it had a loss of $2.82 per share.
Analysts had expected a loss of $2.68 per share, according to Zacks Investment Research.
Revenue came in at $7.35 billion, topping analysts' estimates of $7.25 billion.
For the full year, PBF reported a loss of $533.8 million, or $4.60 per share. Revenue for the year was $33.12 billion.
PBF said the challenging market conditions will continue to impact its results in 2023, but it expects to see some improvement in the second half of the year.