PBF Energy reports Q3 adjusted EPS ($1.50), consensus ($1.41)

Reports Q3 revenue $8.38B, consensus $8.2B. Matt Lucey, PBF Energy’s (PBF) president and CEO, said, “Despite a weak refining environment, PBF’s refineries ran well in the third quarter, with no major maintenance or significant unplanned downtime. The performance of our assets is a testament to the extensive work conducted by our outstanding employees and contracted partners. PBF’s financial results for the quarter reflect the broader macro headwinds brought about by weaker than expected global demand and higher than anticipated refinery utilization. The near-term gyrations experienced in our cyclical, commodity-dependent business do not reflect our broader outlook that global supply and demand balances remain tight. That delicate balance provides a constructive backdrop for the refining business going forward. Disappointing earnings notwithstanding, we were able to rely on our balance sheet to support operations in the current refining environment.”