Holly Energy Partners Earnings: Here’s Why Shares are Up Now
Holly Energy Partners L.P (NYSE:HEP) 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 up 0.71%.
Holly Energy Partners L.P Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 30% to $0.21 in the quarter versus EPS of $0.30 in the year-earlier quarter.
Revenue: Rose 16.97% to $74.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Holly Energy Partners L.P reported adjusted EPS income of $0.21 per share. By that measure, the company missed the mean analyst estimate of $0.33. It beat the average revenue estimate of $73.97 million.
Quoting Management: Commenting on the first quarter of 2013, Matt Clifton, Chairman of the Board and Chief Executive Officer, stated, “Although our distributable cash flow and earnings were down in the first quarter, they were near expected levels due to the major refinery maintenance work performed at HollyFrontier’s Navajo refinery and at Alon’s Big Spring refinery. With these two refinery turnarounds now completed, shipments through our pipelines have increased, returning to pre-turnaround throughput rates. Looking forward, positive industry fundamentals combined with HEP’s strong asset base and our planned capital projects should drive continued growth in our distributable cash flow.”
Key Stats (on next page)…